Опитування_митниця_англ.pdf

Business Survey / For Fair and Transparent Customs New Monthly Enterprises Survey. November 2022
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Project implementation:
Institute for Economic Research and Policy
Consulting
Financial support:
The project is implemented with the financial
support of the European Union
International Renaissance Foundation
Atlas Network
Authors of the report:
Oksana Kuziakiv, Executive Director at the Institute for Economic Research and Policy Consulting, Project Manager
for the project “Support for the Public Initiative “For Fair and Transparent Customs”
Yevhen Anhel, Senior Research Fellow at the Institute for Economic Research and Policy Consulting
Anastasia Gulik, Junior Research Fellow at the Institute for Economic Research and Policy Consulting
Iryna Fedets, Senior Research Fellow at the Institute for Economic Research and Policy Consulting
The publication was prepared as part of the project "For Fair and Transparent Customs", funded by the European Union and
co-financed by the International Renaissance Foundation, and the ATLAS Network (USA). Its content is the responsibility of
the Institute for Economic Research and Policy Consulting and does not necessarily represent the position of the European
Union, the Renaissance Foundation, or the ATLAS Network.
INSTITUTE FOR ECONOMIC RESEARCH AND POLICY CONSULTING
Reytarska 8/5-А, 01054 Kyiv, Ukraine
tel.: +38(044) 278-63-42; +38 (044) 278-63-60; fax: +38(044) 278-63-36
institute@ier.kyiv.ua
www.ier.com.ua
Facebook IER
Facebook “For Fair and Transparent Customs”
Telegram channel “Fair Customs”

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ABOUT THE NEW MONTHLY ENTERPRISES SURVEY “UKRAINIAN BUSINESS IN WARTIME”
Dear ladies and gentlemen, we present you with the seventh issue of the business managers’ monthly survey
“Ukrainian Business in Wartime”.
The need for comprehensive information on the economic situation is crucial for economic policy in wartime. The
Institute for Economic Research and Policy Consulting conducts a monthly enterprise survey using the Business
Tendency Survey approach to quickly collect information on the current economic state at the enterprise level.
The methodology is designed to assess the situation from the “base level”: the judgments and expectations of key
economic agents such as entrepreneurs and business managers.
The monthly survey consists of two parts: the regular one and the special one.
Respondents will regularly answer questions on the changes in key activity indicators and short-term forecasts for
future changes in the same indicators. This entails the dynamics of output (production), sales, exports, debt, new
orders, employment, etc. We will also focus on estimates and expectations of the changes in the business climate
and business activity at the enterprise in the next six months. This part of the survey applies the business tendency
survey methodology, harmonized according to the Joint Harmonized EU Program of Business and Consumer
Surveys (BCS) requirements. Where applicable, we will use comparisons with the data from the quarterly business
survey “Business Opinion” that have been conducted since 1998.
The special part of the monthly enterprise survey is devoted to the war's impact on the production activity of
enterprises and exports and the assessment of government policy on business support. The industry dimension
in data analysis is used in the issue.
The monthly survey of business managers is a part of a change in the activities of the project “For Fair and
Transparent Customs”, funded by the European Union and co-financed by the International Renaissance
Foundation, and the ATLAS Network (USA). Monthly trends will be presented in reports such as this one. Quarterly
trends will continue to be published in the “Business Survey: Industry” reports, which have been published by the
IER since July 2002.
We are grateful to the analytical system YouControl (https://youcontrol.com.ua/) for the opportunity to use the
data to form a panel sample.

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Content
PRACTICAL QUESTIONS AND ANSWERS TO HELP YOU READ THIS REPORT..................................................................5
MAIN RESULTS...........................................................................................................................................................6
INDICATORS AND EXPECTATIONS FOR THE HALF-YEAR PERIOD..................................................................................9
FINANCIAL AND ECONOMIC SITUATION AT THE ENTERPRISE..................................................................................9
EXPANSION PLANS FOR THE NEXT TWO YEARS.....................................................................................................10
OVERALL ECONOMIC ENVIRONMENT...................................................................................................................11
UNCERTAINTY ......................................................................................................................................................11
Half-year expectations......................................................................................................................................11
Three-month expectations ...............................................................................................................................12
ENTERPRISE PERFORMANCE INDICATORS AND SHORT-TERM EXPECTATIONS ..........................................................14
PRODUCTION.......................................................................................................................................................14
Changes compared to the previous month .......................................................................................................14
Expected changes in production.......................................................................................................................14
SALES ...................................................................................................................................................................15
Expected changes in sales.................................................................................................................................15
EXPORT................................................................................................................................................................16
Expected changes in export..............................................................................................................................16
STOCKS OF RAW MATERIALS................................................................................................................................17
Expected changes in stocks of raw material......................................................................................................17
STOCKS OF FINISHED GOODS ...............................................................................................................................18
Expected changes in stocks of finished goods...................................................................................................18
NEW ORDERS .......................................................................................................................................................19
Expected changes in new orders.......................................................................................................................19
Availability of orders ........................................................................................................................................19
ACCOUNT RECEIVABLES .......................................................................................................................................20
Expected changes in account receivables .........................................................................................................21
ACCOUNT PAYABLES ............................................................................................................................................21

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Expected changes in account payables .............................................................................................................22
TAX ARREARS.......................................................................................................................................................22
Expected changes in tax arrears .......................................................................................................................22
NUMBER OF WORKERS ........................................................................................................................................23
Expected changes in the number of workers ....................................................................................................23
WORKERS ON FORCED LEAVE...............................................................................................................................24
Expected change in the number of workers on forced leave.............................................................................25
SKILLED AND UNSKILLED WORKERS......................................................................................................................25
Skilled workers.................................................................................................................................................25
Unskilled workers.............................................................................................................................................26
Challenges for businesses in wartime...................................................................................................................27
The war impact on production volumes ...............................................................................................................29
THE WAR IMPACT ON THE ENTERPRISES’ EXPORT ACTIVITIES...............................................................................32
GOVERNMENT POLICY .........................................................................................................................................34
Assessment of government policy to support business.....................................................................................34
SURVEY METHODOLOGY..........................................................................................................................................35
SAMPLE ...................................................................................................................................................................35
APPENDIX 1. Survey results in figures.......................................................................................................................36

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PRACTICAL QUESTIONS AND ANSWERS TO HELP YOU READ THIS REPORT
Who do we survey? This survey uses a panel sample; that means we survey the same business entities. Building
such a sample takes time. During the seventh wave of the survey, more than 507 respondents were interviewed.
. In the first month, 327 enterprises were surveyed and in the second - 367; in the third, they were already 449,
and 518 in the fourth. During the fifth month, 521 respondents were interviewed and in the sixth survey wave
468 were interviewed. They include mainly industrial enterprises located in 21 of the 27 regions of Ukraine:
Vinnytsya, Volyn, Dnipropetrovsk, Zhytomyr, Zakarpattya, Zaporizhzhya, Ivano-Frankivsk, Kyiv, Kirovohrad, Lviv,
Mykolayiv, Odesa, Poltava, Rivne, Sumy, Ternopil, Khmelnytskyy, Cherkasy, Chernivtsi, and Chernihiv regions and
in the Kyiv city.
How do we collect data? Data was collected using a combination of several data collection methods: self-
completion of the online checklist and telephone interviews of business representatives filling out their responses
into an online check-list.
How are our indices calculated? All indices are calculated according to a single methodology. We count responses
as +1 when the company responds that the rate has increased, 0 if it has not changed, and -1 if it has decreased.
For example, if out of 100 respondents, 20 indicated an increase in production, 50 respondents reported its
reduction, and 30 said that everything remained unchanged, the corresponding value of the index will be -0.30. A
positive (negative) index value means that the share of enterprises where production has increased is larger
(smaller) than the number of those where production has decreased. Each index bigger than +0.05 or less than -
0.05 is statistically significant, and different from zero with a 5% error probability.
How to "read" our indicators? Our indicators are called "indices," which is a synonym of the term "balance index"
or "balance indicator." All indices are the difference between the shares of respondents who reported a decrease
and those who reported an increase in the indicator. The bigger the index value, the bigger the rate of indicator
growth; the smaller the index value, the bigger the rate of indicator decline.
For most indicators, a higher value of the index means a positive trend, except for indicators of debts, the number
of workers on forced leave, and difficulties in finding personnel. Everything is the opposite here. The larger the
index, the greater the rate of debt growth or the increase in the number of people on forced leave and hardships
(this is bad), the smaller the index, the greater the rate of debt reduction, the decrease in the number of people
on forced leave or hardships (this is good).
When the survey was conducted? The field stage of the seventh wave lasted from November 14 to November
30, 2022. The enterprises' managers compared the results of work in October 2022 with September 2022,
assessed the state of the indicators at the time of the survey (November 2022), and gave forecasts for the next
two, three, or six months, depending on the question. For some questions (where it was indicated), the results of
the work were compared to ones in the pre-war period (before February 24, 2022). Respondents gave forecasts
for the next three months of work.

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MAIN RESULTS
Against the background of the Russian terrorist attacks, the trend to worsen expectations and assessments of the
business activity and the overall economic environment continued in November. Expectations regarding the
economic situation at the enterprise and in the country in the six-month have worsened. The production volumes
decreased compared to the previous month, and expectations regarding their changes in the next three months
worsened. At the same time, business plans for the next two years remain optimistic, although the level of
uncertainty in the two-year horizon has increased for the first time. The level of uncertainty in the six-month
perspective has not changed, and the uncertainty in the short-term horizon has slightly decreased. Electricity,
water, or heat supply outages became the number one problem for the first time. Missile attacks have not yet
had a critical impact on production volumes, although they have restrained the active recovery that has been
ongoing since the spring. Enterprises have run out of opportunities to actively resume export activities, although
micro-business export has increased. Government economic policy assessments have improved, proving the
growth of confidence.
OVERALL INDICATORS OF BUSINESS CLIMATE AND ECONOMIC ENVIRONMENT
 Business activity at enterprises has worsened. The value of the current business activity index decreased
sharply in November and is -0.33 (it was -0.16 in October).
 The enterprises' expectations regarding changes in the business activity in the six-month have also
significantly worsened. The value of the corresponding index has halved from -0.09 to -0.19.
 The business environment remained unfavorable. In November, the value of the overall economic
environment index was -0.34. It decreased from -0.31 in October.
 Expectations regarding the overall economic environment worsened after six months. The index of
expected changes in the overall economicenvironment halved from -0.12 inOctober to -0.23in November.
 Two-year expectations regarding the expansion of business activity remain positive, although the value
of the index of expected changes in business activity in the two-year decreased by 11 percentage points
(from 0.31 to 0.20).
 In November, for the first time, an increase in the level of uncertainty in the two-year was recorded (54%
could not give a forecast for the expansion/reduction of activity in two years). At the same time, the
uncertainty in the half-year horizon has practically not changed. And the uncertainty in the short-term
horizon has even decreased for production indicators (although, for the second month in a row, there is
a significant increase in debt indicators).
PRODUCTION
 In November, compared to October, the production reduction continued. The production index decreased
from -0.03 to -0.13. At the same time, the share of enterprises that reported an increase in production
decreased significantly. And the share of enterprises that decreased production changed only slightly.
 Business expectations for the next three months also worsened, although the value of the index remains
positive. The index of expected changes in production volumes decreased from 0.17 to 0.04, but the share
of "optimists" still outweighs the share of "pessimists."
DEMAND AND SALES
 The rate of decline in sales and the number of new orders has accelerated significantly. The value of the
sales index decreased from -0.03 to -0.14, and the new order index decreased from -0.03 to -0.11.
 Business expectations are still positive, although they have deteriorated significantly. Both the index of
expected changes in sales and the index of expected changes in new orders decreased from 0.19 to 0.04
and from 0.21 to 0.15, respectively.
 In November, companies informed that they were provided with orders for only two months on average.
Micro-enterprises were the least likely to be provided with orders (74% had orders for up to two months).

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DEBTS
 For the second month in a row, there is a slowdown in the accumulation of debts. The values of the indices
of changes in accounts receivables (from 0.01 to -0.03), accounts payables (from -0.03 to -0.08) and tax
arrears (from -0.06 to -0.12) decreased.
 At the same time, in the three-month, the business expects an increasing debt. The value of the index
slightly increased for tax arrears (from -0.19 to -0.17), receivables (from -0.18 to -0.14), and payables (the
index increased from -0.19 to -0.17).
EMPLOYMENT
 The dynamics of changes in employment indicators show the balance of supply and demand in the labor
market.
 The rate of employment reduction at enterprises remained almost unchanged, and the number of workers
index increased slightly from -0.09 to -0.08.
 In the next three months, entrepreneurs do not expect significant changes in the level of employment.
The index of expected changes in the number of workers decreased slightly, from -0.02 to -0.03.
 At the same time, for the second month in a row, the trend to reduce workers on forced leave continues
(the index decreased from -0.09 to -0.20); in the three months, enterprises expect further acceleration of
this process (the index decreased from -0.17 to -0.25).
 The difficulty in finding labor decreased for both skilled and unskilled workers (the values of the respective
indices decreased from 0.17 to 0.11 and from 0.09 to 0.02).
OBSTACLES TO DOING BUSINESS IN WARTIME
 According to the results of the November survey, for the first time in the entire period of surveys,
interruptions in electricity, water, or heat supply took the first place among the obstacles to doing
business caused by the war. 78% of enterprise managers reported this obstacle.
 The rising prices for raw materials and supplies moved down to the second place in the rating of obstacles
for the first time in several months in a row.
 Almost half of the enterprises (46%) reported that it was unsafe to work in November. It is the largest
share for the entire survey period.
 The urgency of the labor shortage problem remains low, especially for micro-businesses, where it is not
reported at all.
PRODUCTION CAPACITIES DURING THE WAR PERIOD
 November's results indicate that Russian missile strikes have not yet had a critical impact on production
volumes but have held back the active recovery that has been active since the spring.
 In November, a sharp decrease in the share of enterprises operating at 100% was recorded, compared to
pre-war volumes - to 3%. However, in November, 46% of enterprises worked at almost full, full, or above
full capacity (44% in October).
 Despite the slowdown in recovery, only 2% of enterprises surveyed don't operate (2% in September and
October), and only 7% of enterprises operate at less than 25% of capacity (6% in September and October).
 Industries that provide basic human needs continue to overcome the hardships of war best. 58% of food
industry enterprises and 60% of light industry enterprises are working almost at full capacity. At the same
time, the leader is the printing industry - 75%.
 Micro-enterprise recovery intensified, among which 32% of enterprises were already working at 100% or
more compared to pre-war production volumes (15% in September and 24% in October).
EXPORTING ENTERPRISES
 55% of respondents reported that they were exporters at the beginning of 2022. At the same time,
enterprises in the current conditions ran out of possibilities for active recovery of export activities. The

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share of exporters who have not yet resumed sales abroad remained approximately at the level of
previous months - 17% (17% in October and 16% in September).
 For the first time since the beginning of summer, a slowdown in the export recovery rate was recorded.
The value of the index of changes in exports decreased compared to the previous month from -0.15 to -
0.18. It happened first of all due to a decrease in the share of respondents whose export volumes
increased (from 12.2% in October to 4.0% in November). However, for 72.3% of exporters, export volumes
did not change (60.0% in October).
 Russian terrorist attacks significantly worsened export expectations. The index of expected changes in
export fell to 0 for the first time (from 0.22 in September and 0.13 in October). For example, the share of
enterprises planning to increase exports decreased (from 25.4% in October to 12.1% in November).
 Micro-business was able to intensify the export recovery, but the situation remains difficult. So far, every
third (32%) microenterprise has not been able to resume exports (46% in October, 50% in September, and
56% in August).
GOVERNMENT POLICY
 Assessment of government policy has improved, which indicates an increase in confidence. In November
2022, the share of positive assessments of government business support policy was 23%, and the share
of the negative ones, 21%.
 At the same time, positive assessments increased due to the reduction of both the neutral assessments
and the share of the respondents who did not answer this question. Meanwhile, the share of negative
assessments remained the same as in October 2022.

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INDICATORS AND EXPECTATIONS FOR THE HALF-YEAR PERIOD
FINANCIAL AND ECONOMIC SITUATION AT THE ENTERPRISE
In November, compared to October 2022, assessments by enterprises of their own business activity continued
to deteriorate. In November, the value of the index of the current business activity halved from -0.16 to -0.33. It
happened due to a significant increase in the share of respondents who assessed the current business activity at
the enterprise as bad - from 26.7% to 37.2%. At the same time, the share of those who positively assessed the
situation at the enterprise decreased by half, from 8.0 % to 4.0%. The share of respondents who consider the
business activity at the enterprise to be satisfactory decreased from 65.1% to 58.7%.
Expectations for six months also continued to deteriorate; the value of the index of expected changes in the
business activity also halved, from -0.09 to -0.18. At the same time, the share of "pessimists" increased not
significantly, from 28.8% to 30.9%. And the percentage of "optimists" decreased by one and a half times, from
21.0% to 13.8%. The share of those who do not expect any changes increased from 50.2% to 55.3%.
After increasing for two months in a row, the share of respondents who could not give a forecast regarding the
changes in the business activity at the enterprise for the six-month slightly decreased in November, from 45.9%
to 43.8%.
Fig. 1. Business activity at the enterprise, indices
A comparison of the company's business activity with the same period last year shows a significant economic
decline. The value of the current business activity assessment index is low and amounts to -0.68. The value of the
index has practically not changed compared to October (-0.69). The vast majority of respondents (70.4%) noted
that the business activity at the enterprise has worsened. It is slightly less than in October (73.9%). The share of
those considering the business activity to be the same as last year increased from 21.5% to 27.1%. Only 2.5% of
the entrepreneurs surveyed indicated that the business activity at the enterprise had improved (last month, it
was 4.5%).
Size. Depending on the size, the value of medium-sized enterprises is significantly better and is -0.64. Indicators
of the micro (-0.70), as well as small and large (-0.71 each) are approximately the same.
Region. Depending on the region, the best indicators were recorded for Poltava (-0.13), Rivne (-0.21), and Odesa
regions (-0.27). The worst indicators are for Cherkasy, Zaporizhzhya (-0.93 each), Sumy (-0.94), Dnipropetrovsk,
and Zhytomyr (-1.00 each) regions.
-0.36
-0.32
-0.20
-0.22
-0.09
-0.16
-0.33
0.07
0.15
0.12
0.03
0.11
-0.09
-0.18
-0.40
-0.30
-0.20
-0.10
0.00
0.10
0.20
May.22 Jun.22 Jul.22 Aug.22 Sep.22 Oct.22 Nov.22 Dec.22
Business activity at the enterprise Expected business activity at the enterprise

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Sector. In terms of industries, the highest value of the index was recorded for printing (-0.54), the food industry
(-0.62), and mechanical engineering (-0.67). The worst indicators are for the chemical industry, construction
materials production (-0.82 each), and metalworking (-0.83).
Fig. 2. How do you assess the business activity at the enterprise compared to last year?, % of respondents
EXPANSION PLANS FOR THE NEXT TWO YEARS
Expectations for business activity in the next six months remain positive, although they worsened in November
compared to October 2022. The percentage of those planning to reduce their activities in the next two years
increased in November from 6.3% to 11.6%. At the same time, the share of those who plan to stay at the current
level remained almost unchanged at 56.7% (it was 56.3% in October). The share of enterprise managers surveyed
planning to expand their activities in the next two years decreased from 37.5% to 31.6%. The index of expected
changes in business activity in two years decreased from 0.31 to 0.20.
It is important to note that the level of uncertainty remains high and, for the first time in this period of
expectations, has increased (from 42.3% to 54.2%).
Fig. 3. Do you plan to expand the company's activities in the next two years?, % of respondents
Size. Microenterprises are most optimistic about the future; their indicator is 0.45. The index for small (0.23) and
large (0.26) ones is approximately the same. The lowest is the indicator of medium-sized enterprises (0.09).
Region. Zaporizhzhya (0.87), Chernihiv (0.69), and Kirovohrad (0.64) regions have the highest expectations. The
only indicators of expectations with a negative value are for Dnipropetrovsk (-0.56) and Zhytomyr (-0.32) regions.
Sector. The indicators of the woodworking (0.33) and food (0.22) industries have the highest values. The indicator
of the chemical industry is negative (-0.09).
73.9
21.5
4.5
70.4
27.1
2.5
0
20
40
60
80
Worse The same Better
Oct.22 Nov.22
37.5
56.3
6.3
42.3
31.6
56.7
11.6
54.2
0
10
20
30
40
50
60
Yes, I'm planning to
extend
Planning to stay at
the current level
Planning to lower
activity
It's hard to predict
Oct.22 Nov.22

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OVERALL ECONOMIC ENVIRONMENT
The assessment of the overall economic environment decreased not as significantly as for the business activity.
The value of the corresponding index decreased from -0.31 to -0.34 in November. It happened due to not too
significant changes in the distribution of "optimists" and "pessimists," where the percentage decreased in both
cases. The share of those who assess the overall economic environment as bad decreased from 39.3% to 37.7%.
The percentage of those assessing the overall economic situation positively decreased from 5.8% to 2.1%. The
share of those who consider the overall economic environment satisfactory increased from 54.8% in October to
60.3% in November.
At the same time, in November, the enterprises' forecasts for the next six months significantly worsened: the
value of the index of expected changes in the overall economic environment halved, from -0.12 to -0.23. It
happened due to a decrease in the share of "optimists" (from 21.4% to 14.6%) and an increase in the share of
"pessimists" (from 31.9% to 35.0%). The share of those believing that the overall economic environment will not
change during the next six months increased from 46.7% to 50.4%. The share of those who could not give forecasts
regarding the state of the overall economic environment decreased from 49.8% to 48.7%.
Fig. 4. Overall economic environment, indices
UNCERTAINTY
Half-year expectations
The level of uncertainty in November compared to October slightly decreased in the forecasts of both the
business activity at the enterprise and the overall economic environment. The share of respondents who could
not give a forecast regarding changes in the business activity at the enterprise in the six-month decreased from
45.9% to 43.8%, and the overall economic environment in the country - from 49.8% to 48.7 %.
Fig. 5. The level of the business activity and the overall economic environment uncertainty, % of respondents
-0.54
-0.44
-0.37
-0.28
-0.20
-0.31 -0.34
0.01
0.16
0.09
0.01
0.12
-0.12
-0.60
-0.50
-0.40
-0.30
-0.20
-0.10
0.00
0.10
0.20
May.22 Jun.22 Jul.22 Aug.22 Sep.22 Oct.22 Nov.22
Current overall economic environment
Expected overall economic environment
45.0% 43.3%
31.4%
29.0% 34.4%
45.9% 43.8%
47.7% 43.6%
33.9%
33.2%
36.7%
49.8% 47.7%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
No answer on business activity in six month
No answer on economic environment in six month

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The level of uncertainty regarding the business activity at the enterprise and its dynamics depends on the
enterprise's size. At the same time, it is important to note that the indicator for large companies is the lowest and
the only one in which the value decreased in November compared to October, from 51.8% to 30.1%. For medium-
sized enterprises, the value increased from 41.3% to 45.8%, and for micro-enterprises - from 38.8% to 43.4%. The
highest indicator of uncertainty regarding the business activity is for small enterprises, where the percentage
increased from 49.6 % to 52.2%.
Fig. 6. The share of respondents unable to answer the question about the change in the business activity in six months
Uncertainty regarding the overall economic environment, as in the case of the business activity, depends on the
enterprise size. In November, compared to October, the percentage of uncertainty regarding the overall economic
environment decreased for medium (from 51.2% to 46.3%) and large (from 48.2% to 37.2%) enterprises and
increased for micro (from 46.9%) to 52.8%) and small (from 50.4% to 56.5%) enterprises.
Fig. 7. The share of respondents unable to answer the question regarding the change in the overall economic environment in the six
months
Three-month expectations
In the three-month, there is also a decrease in uncertainty for production indicators. At the same time,
uncertainty for debt indicators is increasing for the second month in a row. The highest indicators of uncertainty
remain for account receivables (the value increased from 25.9% to 37.5%), account payables (the value increased
from 25.9% to 36.9%), and tax arrears (the value increased from 24.6% to 35.7 %). The percentage of uncertainty
for stocks of finished goods after a two-fold increase in October decreased by nine percentage points, from 23.1%
in November to 13.8%. The lowest level of uncertainty remains for exports (where the percentage decreased from
15.2% to 11.8%).
32.7
40.8
44.2
51.8
54.2
35.5
29.2
21.6
34.4
30.3
29.0 24.8
50.9
36.2
30.9 30.7
38.8
49.6
41.3
51.8
43.4
52.2
45.8
30.1
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
Micro Small Medium Large
34.6
47.6
42.6
45.8
47.9
41.1
30.4
26.5
37.5 36.6
31.1 30.2
50.9
42.0
33.0 30.7
46.9
50.4 51.2
48.2
52.8
56.5
46.3
37.2
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0

13
Fig. 8. The share of enterprises unable to forecast the change of the indicator in three months, % of respondents
9.3
9.3
10.1
13.9
11.1
9.4
8.2
6.2
15.3
15.1
14.3
13.9
14.0
12.1
11.7
12.9
17.3
17.3
17.1
15.2
14.8
14.2
14.6
11.8
0 5 10 15 20 25 30
New orders
Sales
Production
Export
Nov.22 Oct.22 Sep.22 Aug.22 Jul.22 Jun.22
13.6
15.0
15.8
12.7
11.4
11.4
14.5
16.2
16.6
12.5
14.2
14.4
24.6
25.9
25.9
35.7
36.9
37.5
0 10 20 30 40
Tax arrears
Accounts payable
Accounts receivable
10.6
11.4
10.9
10.2
14.1
13.5
12.7
12.7
16.0
23.1
14.4
13.8
0 5 10 15 20 25
Stocks of raw materials
Stocks of finished goods
7.6
9.8
10.7
10.0
15.6
13.7
12.9
11.1
17.5
17.7
15.4
14.0
0 5 10 15 20 25 30
Number of workers
Workers on forced leave

14
ENTERPRISE PERFORMANCE INDICATORS AND SHORT-TERM EXPECTATIONS
PRODUCTION
Changes compared to the previous month
The trend to accelerate the production reduction cuts continues for the second month in a row. The production
index in November compared to October decreased from -0.03 to -0.13. The share of enterprises where
production decreased slightly increased, from 21.6% to 23.5%. And the share of companies that reported an
increase in production decreased from 17.3% in October to 8.3% in November. At the same time, the share of
respondents who did not experience any changes increased from 61.1% to 68.2%.
Size. The large enterprises felt the best; their index is the highest, although negative, and equals -0.06. The value
of the index for medium and small enterprises is approximately the same and is -0.15 and -0.17, respectively. The
worst situation is for small enterprises, where the index is -0.30.
Region. The enterprises of Kyiv (0.14) and Vinnytsya (0.07) regions, as well as the city of Kyiv (0.05), whose index
has a positive value, have the best indicators. The index of Lviv, Odesa, Ternopil, and Poltava regions is zero. The
other regions' indicators have a negative value, and the lowest are the indicators of the Dnipropetrovsk (-0.70)
and Sumy (-0.39) regions.
Sector. Index values vary across sectors and industries. The best situation is in the printing industry, whose
indicator has a single positive value and is 0.15. Indicators of other industries are negative, and the lowest values
are for the woodworking (-0.43) and chemical (-0.05) industries.
Fig. 9. Indices of changes in production
Expected changes in production
Companies' production plans for three months also continued to deteriorate, although the indicator remained
positive, but reached zero for the first time since the beginning of the study. The index of expected changes in
production decreased significantly, from 0.17 to 0.04. The share of enterprises planning to increase production
decreased from 29.1% in October to 16.9% in November, while the share of those planning to reduce production
increased slightly, from 12.4% to 13.4%. The share of those who do not expect changes increased from 58.5% to
69.7%.
Size. Production expectations are highest for medium-sized enterprises, and the index is 0.07. The indicator of
micro and large enterprises is the same and is 0.03. The index for small enterprises has the lowest and only
negative value (-0.01).
-0.55
-0.30
-0.12
-0.09
0.05
-0.03
-0.13
0.12
0.22 0.24
0.20
0.32
0.17
0.04
-0.60
-0.50
-0.40
-0.30
-0.20
-0.10
0.00
0.10
0.20
0.30
0.40
Production Production exp.

15
Region. Enterprise plans depend significantly on the region of location. Kyiv (0.67) and Lviv (0.45) regions, as well
as the city of Kyiv (0.43), have the most optimistic plans for the growth of production volumes. And the enterprises
of Cherkasy and Sumy (-0.18 each) and Dnipropetrovsk (-0.50) regions expect a decrease in production volumes.
Sector. Production expectations for three months depend on the industry. The highest indicators are in light
industry (0.15) and the printing industry (0.09). Metal production, metalworking (-0.15), and chemical industry (-
0.14) have the lowest values.
SALES
In November, the sales decline rate continued to decrease. The sales index decreased from -0.03 to -0.14. The
share of enterprises whose sales decreased in October compared to September increased from 23.4% to 25.0%.
At the same time, the share of those whose sales increased significantly shortened, from 19.1% to 9.7%. The share
of enterprises for which nothing changed during the past month increased from 57.4% to 65.3%.
Size. The index of changes in sales of large (-0.10) and medium-sized (-0.12) enterprises is approximately the same.
The indicator of small enterprises is -0.17. The index of micro-enterprises is the lowest and is -0.33.
Region. The highest sales index was recorded in Kyiv and Vinnytsya regions (0.14 each), Chernihiv region (0.11),
and Kyiv city (0.05). The lowest indicator is in Sumy (-0.44) and Dnipropetrovsk (-0.75) regions.
Size. The printing (0.23) and food (-0.03) industries enterprises have the highest sales index. The lowest value is
for the woodworking industry (-0.38), metalworking (-0.39), and the chemical industry (-0.50).
Expected changes in sales
Expectations are still optimistic, although they have fallen, as in the case of production expectations, too close
to zero. The index of expected changes in sales in November compared to October decreased from 0.19 to 0.04.
The share of respondents who plan to increase sales in the next three months has almost doubled, from 31.4% to
18.4%. And the share of those who expect them to decrease has grown from 13.2% to 14.5%. At the same time,
the percentage of respondents who believe nothing will change has significantly increased, from 55.3% to 67.1%.
Size. Representatives of medium-sized (0.07) enterprises have the highest expectations. The indicator for large
(0.02) and small (0.03) enterprises is almost the same, and for micro-enterprises, the indicator is the lowest and
only negative at -0.03.
Region. The best expectations were recorded in the Kyiv region (0.71) and Kyiv city (0.57). On the other hand, the
indicators are the lowest in Dnipropetrovsk (-0.50) and Sumy (-0.24) regions.
Sector. Light industry (0.11), printing (0.09), and food (0.05) industries have the highest and most positive
indicators of sales expectations. Expectations of metal production and metalworking (-0.15), and the chemical
industry (-0.14) are the lowest.
Fig. 10. Indices of changes in sales
-0.48
-0.36
-0.16
-0.09
0.01 -0.03
-0.14
0.11
0.23 0.23 0.20
0.33
0.19
-0.60
-0.40
-0.20
0.00
0.20
0.40
May.22 Jun.22 Jul. Aug.22 Sep.22 Oct.22 Nov.22
Sales Sales exp.

16
EXPORT
In November, after a five-month gradual increase, the pace of export recovery slowed down. The value of the
export index decreased slightly, from -0.15 to -0.18. The share of respondents whose export volume decreased
shortened from 27.8% in October to 23.7% in November. At the same time, the share of enterprises that increased
export volumes also decreased significantly from 12.2% to 4.0%. And the share of enterprises whose export
volumes did not change increased from 60% to 72.3%.
Size. The highest value of the export index is for medium (-0.13) and large (-0.19) enterprises. The indicator for
small enterprises is -0.27. The lowest is the indicator for micro-enterprises - -0.53.
Region. Chernihiv (0.11) and Rivne (0.04) regions have the highest indicators. The lowest value is for the Sumy
region (-1.00).
Sector. The export index is highest for the metalworking and printing industry and is equal to zero. Indicators of
all other industries have a negative value. Construction materials production (-0.44) and the woodworking
industry (-0.46) have the lowest indicators.
Expected changes in export
Export expectations continued to deteriorate. The value of the index of expected changes in export in November
compared to October decreased from 0.22 to 0.13. The share of those who plan to increase exports (13.6%) does
not differ much from the share of those who plan to decrease it (13.3%). In October, the percentage was 25.4%
and 12.1%, respectively. The share of those who do not expect changes increased from 62.5% to 73.1%.
Size. Medium (0.08) enterprises have the best export expectations and are the only positive indicator. At the same
time, the indicators of large (-0.05), small (-0.07), and micro-enterprises (-0.06) have approximately the same
value.
Region. The highest value of the index of expected changes in exports was recorded for enterprises in Lviv (0.60),
Kyiv (0.50), and Odesa (0.27) regions. The worst are the expectations of businesses in the Sumy (-1.00) and
Dnipropetrovsk (-0.40) regions.
Sector. The printing industry (0.25) and light industry (0.17) have the highest value of the index of expected
changes in exports. Indicators for mechanical engineering (-0.14) and the woodworking industry (-0.33) have
negative values.
Fig. 11. Indices of changes in export
-0.42
-0.48
-0.31
-0.24 -0.21
-0.15
-0.18
0.07
0.11
0.14 0.12
0.22
0.13
0.00
-0.60
-0.50
-0.40
-0.30
-0.20
-0.10
0.00
0.10
0.20
0.30
Export Export exp.

17
STOCKS OF RAW MATERIALS
The rate of stocks of raw material reduction continued to slow down, as evidenced by the decrease in the stocks
of raw material index from -0.12 in October to -0.19. The share of respondents who reported an increase in stocks
of raw material over the past month halved from 11.5% to 5.3%. At the same time, the share of respondents who
indicated its reduction increased only slightly, from 23.5% to 25.3%. 69.4% reported nothing had changed
compared to last month (65.0%).
Size. The stocks of raw material index is the highest for large (-0.14) enterprises. The index of medium-sized
enterprises is -0.19, and the index of small enterprises is -0.23. The index of micro-enterprises is the lowest and is
-0.29.
Region. Enterprises of Odesa (0.07) and Lviv (zero) regions have the highest indicators, and indicators of other
areas have a negative value. The lowest ones are in Kyiv (-0.67) and Zhytomyr (-0.41) regions.
Sector. The indicators of all industries are negative. The lowest indicator was recorded for the woodworking (-
0.47) industry and metalworking (-0.45), and the highest values are for the construction materials production (-
0.11) and the food (-0.13) industry.
Expected changes in stocks of raw material
For the next three months, the businessmen surveyed do not expect significant changes in this indicator: the
index of expected changes in stocks of raw material, although it changed to negative, did not decrease too much
compared to October and is -0.02 (it was zero). The number of respondents who expect stocks to increase
remained almost unchanged, falling by just one-tenth of a percentage point, from 17.7% to 17.6%, while the share
of those who believe that stocks will decrease increased from 17.4 % to 19.0%. The share of respondents believing
the situation will not change shortened from 64.9% to 63.5%.
Size. The index of expected changes in stocks of raw material has a negative value for small (-0.01), micro (-0.03),
and large (-0.07) enterprises. The indicator of medium-sized enterprises is the only positive one and is 0.02.
Region. The highest index of expected changes in stocks of raw material is for Lviv (0.86), Ternopil (0.44), and
Odesa (0.42) regions. The lowest value of the index is for the Dnipropetrovsk region (-0.45) and the city of Kyiv (-
0.67).
Sector. The light industry shoes (0.11) and the food industry (0.00) has the highest indicator of expectations for
changes in stocks of raw material. Other sectors have negative indicators. The lowest values are for the
woodworking industry (-0.28) and mechanical engineering (-0.32).
Fig. 12. Indices of changes in stocks of raw materials
-0.62
-0.41
-0.29
-0.16
-0.01
-0.12
-0.19
0.01 0.00
0.15
0.06
0.17
0.00 -0.02
-0.70
-0.60
-0.50
-0.40
-0.30
-0.20
-0.10
0.00
0.10
0.20
0.30
Stocks of raw materials Stocks of raw materials exp.

18
STOCKS OF FINISHED GOODS
The dynamics of the stocks of finished goods index of indicate the growth of demand. The stocks of finished
goods index fell sharply in November, from -0.23 to -0.34. The share of respondents who reported a decrease in
stocks of finished goods increased from 32.3% to 39.7%. And the share of respondents who reported an increase
in stocks decreased from 9.6% to 5.3%. The share of respondents who did not feel changes decreased from 58.1%
to 39.7%.
Size. Depending on the size of the enterprise, the value of the index is approximately in the same range. It is
slightly smaller for micro (-0.26) and large (-0.30) enterprises and is higher for small (-0.39) and medium (-0.36)
enterprises.
Region. The highest decrease in stocks is observed in Ternopil (-0.83), Lviv (-0.52), and Dnipropetrovsk (-0.50)
regions, and the highest value of the index is in the Kyiv region and is equal to zero.
Sector. All industries have negative values, with the lowest values for the printing (-0.670) and woodworking (-
0.60) industries and the highest values for the chemical industry (-0.09) and mechanical engineering (-0.14).
Expected changes in stocks of finished goods
In the future, entrepreneurs expect a further decrease in this indicator. The index of expected changes in stocks
of finished goods decreased sharply, from -0.16 in October to -0.36. The share of respondents who believe that
stocks of finished goods will decrease in the next three months has increased from 26.1% to 41.2%. And the share
of those who expect them to increase has more than halved, from 9.5% to 3.7%. The percentage of those who
believe that nothing will change decreased from 64.4% to 55.1%.
Size. The value of the indicator depends on the size of the enterprise. The indicator is higher for large enterprises
(-0.27). At the same time, the indicator is approximately the same for medium (-0.36) and micro (-0.35)
enterprises. The value for small enterprises is the lowest and is -0.51.
Region. The highest indicator of expectations is for Sumy (0.12), Poltava and Vinnytsya regions (0.00 each). The
values for Lviv (-1.00) and Ternopil (-0.89) regions are the lowest.
Sector. The value of the index for the chemical industry is the highest and is equal to -0.14. The light industry (-
0.40), printing (-0.44), and food (-0.45) industries have the lowest indicators.
Fig. 13. Indices of changes in stocks of finished goods
-0.33
-0.17
-0.29
-0.13
-0.03
-0.23
-0.34
-0.08
-0.12
-0.09
-0.11
0.07
-0.16
-0.36
-0.40
-0.35
-0.30
-0.25
-0.20
-0.15
-0.10
-0.05
0.00
0.05
0.10
Stocks of finished goods Stocks of finished goods exp.

19
NEW ORDERS
The dynamics of new orders decreased slightly. The new orders index in November compared to October reduced
from -0.03 to -0.11 due to a decrease in the share of those who had an increase in the number of new orders from
20.0% to 9 .3%. At the same time, the share of respondents who reported a reduction in the number of new orders
in November compared to October changed slightly and amounted to 23.3% (it was 23.7% in October). The share
of those who did not feel changes increased from 56.3% to 67.4%.
Size. The value of the index is the highest for large enterprises and is -0.03. The indicator is approximately the
same for medium (-0.13) and small (-0.15) enterprises. The lowest is the value of micro-enterprises - -0.38.
Region. The new orders grew the most in Kyiv (0.23), Ternopil, and Vinnytsya (0.11 each) regions, while in
Dnipropetrovsk (-0.50), Khmelnytskyy (-0.45) and Sumy (- 0.44) regions the new orders decreased the most.
Sector. In the previous month, the situation with new orders was the best for the printing (0.15) and food (-0.01)
industries. The metalworking (-0.35) and woodworking (-0.57) industries have the lowest indicators.
Expected changes in new orders
The upward trend in the number of new orders is slowing down. The value of the index of expected changes in
new orders decreased from 0.21 to 0.15. The share of those expecting an increase in new orders decreased from
32.9% to 30.0%. At the same time, the share of respondents who believe that the number of orders will decrease
increased from 12.7% to 14.2%. 55.8% of respondents in November do not expect any changes in the next three
months (54.4% in October).
Size. The indicator of expectations is the highest for medium enterprises (0.23). The indicator is approximately
the same for micro (0.12) and small (0.16). For large enterprises (0.04), the indicator is the lowest.
Region. In Ternopil (0.94) and Lviv (0.93) regions, businesses expect an increase in new orders to a greater extent
thanin other areas. However,the indicators of the Sumy (-0.41) and Dnipropetrovsk (-0.40) regions are the lowest.
Sector. The printing industry (0.45) and the light industry (0.29) have the best expectations for new orders. The
woodworking industry indicator has the lowest value and is equal to -0.18.
Fig. 14. Indices of changes in new orders
Availability of orders
Companies surveyed in November 2022 reported that they had orders for an average of 2 months, which is the
median value among all companies that answered this question. At the same time, 26% of the surveyed
enterprises could not answer this question, some of them because they are not working.
-0.52
-0.30
-0.19
-0.02 0.01
-0.03
-0.11
0.10
0.19
0.25 0.23
0.34
0.21
0.15
-0.60
-0.50
-0.40
-0.30
-0.20
-0.10
0.00
0.10
0.20
0.30
0.40
New orders New orders exp.

20
Among the rest, more than half (58%) reported they have orders for only up to two months. 21% of enterprises
have orders for three to five months periods. Approximately twice as many enterprises have orders for longer
periods of time: 9% - for 6-11 months and 13%, for a year or more.
Fig. 15. Period for which enterprises are provided with orders as of November (% of respondents)
Size. On average, firms of different sizes have orders for two months ahead (median value). However, the largest
share of the enterprises that have orders for only up to two months in among micro-enterprises: 74%. And among
the medium-sized enterprises, there is the largest share of those that have orders for six months or more (30%).
Sector. The metallurgical and chemical industries were the least provided with orders in November – only 1.5
months on average (median value)1
. The woodworking industry had the longest order term: it averaged three
months, and 46% of enterprises in this industry were provided with orders for a period of six months or more. For
comparison, in other sectors, the share of enterprises with orders for this period does not exceed 23%.
Region. There are significant differences in order supply between enterprises in different regions2
. The average
term of ensured orders is the longest for the enterprises of the Kyiv region: 12 months (median value). In addition,
77% of the region's enterprises have orders for six months or more, which is the largest compared to other areas.
There is also a relatively large stock of orders from the enterprises of the Odesa (on average for ten months),
Khmelnytskyy (4.5 months), and Volyn (3.5 months) regions. On the other hand, in Dnipropetrovsk, Zhytomyr,
and Ternopil regions and the city of Kyiv, the surveyed enterprises have orders for only one month ahead on
average.
ACCOUNT RECEIVABLES
The situation with debts continued to improve. The value of the account receivables index decreased from 0.01
to -0.03. The share of those who reported an increase in debt decreased from 14.6% to 13.0%. And the share of
those who reported a decrease in debt increased from 14.1% to 16.6%. The share of those for whom nothing has
changed over the past month decreased from 71.3% to 70.4%.
Size. The worst situation with account receivables is for large (0.02) and small (0.00) enterprises. And the
indicators of medium (-0.07) and micro-enterprises (-0.14) are better.
Region. The highest increase in account receivables was recorded in the Volyn region (0.25), Kyiv city (0.21), and
Kyiv region (0.20). The lowest indicator is for Sumy (-0.69) and Zhytomyr (-0.73) regions.
Sector. The highest value of the index is shown by mechanical engineering (0.09) and the food industry (0.05).
The lowest is the index for metalworking (-0.20) and construction materials production (-0.29).
1
This analysis does not include enterprises in agriculture, construction, trade, and services, as well as companies included
in the "Other production" category.
2
The comparison does not include regions in which no enterprises were surveyed, and Zaporizhzhya, Mykolayiv,
Cherkasy, and Chernivtsi regions, in which the number of respondents was insufficient for statistical comparison.
For more details, see the "Sample" section.
58%
21%
9% 13%
0%
20%
40%
60%
0-2 months 3 to 5 months 6 to 11 months 12 months and more
Nov.22

21
Expected changes in account receivables
In the three months, a slight slowdown in the rate of debt reduction is expected. The index of expected changes
in account receivables increased from -0.18 to -0.14. The share of respondents expecting an increase in this
indicator grew from 3.8% to 5.2%. And the share of those expecting it to decrease decreased from 22.6% to 19.7%.
The share of those who believe nothing will change has increased from 73.6% to 75.2%.
Size. When distributed by size, micro (-0.17), small (-0.16) and medium (-0.18) enterprises have approximately
the same index value. The indicator of large enterprises is -0.07.
Region. Vinnytsya (0.08) and Zaporizhzhya (0.04) regions demonstrate the highest value, and Kyiv, Cherkasy,
Zakarpattya, and Poltava regions have zero indicator. The lowest value of the indicator for the Sumy region is -
0.90.
Sector. The printing industry has the highest indicator of expectations for an increase in account receivables; it is
equal to zero. The value for metalworking is the lowest at -0.39.
Fig. 16. Indices of changes in account receivables
ACCOUNT PAYABLES
In November, the situation with payables also continued to improve. The account payables index decreased
from -0.03 in October to -0.08. The share of respondents who reported an increase in debt changed slightly,
decreasing from 11.3% to 10.3%. At the same time, the share of those whose accounts payable decreased
increased from 15.9% to 17.9%. The share of those for whom nothing has changed over the past month decreased
from 72.8% to 71.8%.
Size. Indicators of micro- and small enterprises have the same index value (-0.06). Indicators of large (-0.08) and
medium-sized enterprises (-0.09) have a slightly higher value.
Region. Significant regional differences were recorded. The situation with the accumulation of account payables
is the worst in Volyn (0.24) and Kyiv (0.21) regions and the best in Dnipropetrovsk (-0.60) and Zhytomyr (-0.59)
regions.
Sector. The highest indicators are recorded for the chemical (0.06) and printing industries, where the value is
equal to zero. All other indicators have a negative value, but the lowest value is for construction materials
production (-0.25) and metalworking (-0.33).
0.15
0.03
0.05 0.05
0.08
0.01
-0.03
0.00
-0.03
-0.16
-0.13
-0.08
-0.18
-0.14
-0.20
-0.15
-0.10
-0.05
0.00
0.05
0.10
0.15
0.20
Accounts receivable Accounts receivable exp.

22
Expected changes in account payables
A slight increase in accounts payable is expected. The index of expected changes in payables increased from -
0.19 in October to -0.17 in November. The share of those expecting a decrease in account payables decreased
from 22.0% to 20.7%. And the share of those expecting an increase in account payables increased from 2.2% to
3.6%. The share of respondents who believe nothing will change remained almost unchanged at 75.7% (it was
75.8%).
Size. The indicator of expected account payables is higher and approximately the same for large (-0.14), micro (-
0.15), and small (-0.16) enterprises. The indicator of medium enterprises is somewhat better and is -0.20.
Region. The indicator of expected account payables is positive for the Vinnytsya region (0.08) and the city of Kyiv
(0.05). For the Zaporizhzhya and Zakarpattya regions, the indicator is zero. Indicators of other areas have a
negative value, and the lowest is the indicator of Sumy (-0.82) and Dnipropetrovsk (-0.65) regions.
Sector. The printing industry index is zero. Indicators of other industries have a negative value. At the same time,
the indicator of construction materials production and metalworking is the lowest and is -0.29.
Fig. 17. Indices of changes in account payables
TAX ARREARS
The tax arrears reduction rate has accelerated significantly. The tax arrears index in November compared to
October halved, from -0.06 to -0.12. The share of enterprises reporting a decrease in tax arrears over the past
month increased from 10.4% to 13.3%. And the share of respondents who indicated an increase in tax debt
decreased from 4.6% to 1.6%. The percentage of those who believe there were no changes has not changed and
is 85.1%.
Size. Indicators of tax arrears are better and approximately the same for micro (-0.16) and large (-0.14)
enterprises. The indicator for medium-sized enterprises is -0.11. But for small enterprises, the indicator is the
highest and amounts to -0.08.
Region. Tax arrears increased the most for businesses in Volyn (0.06) and decreased the most for businesses in
Sumy (-0.54) and Poltava (-0.50) regions.
Sector. The tax arrears indicator of the printing industry has the highest value. It is equal to zero. The value for
metalworking is -0.24.
Expected changes in tax arrears
Expectations indicate a possible slowdown in the tax arrears reduction rate. The index of expected changes in
tax arrears increased from -0.19 to -0.17. The share of those who predict a decrease in tax arrears decreased from
0.10
0.01
0.00 0.00 0.01
-0.03
-0.08
0.00
-0.06
-0.19
-0.13 -0.14
-0.19
-0.17
-0.25
-0.20
-0.15
-0.10
-0.05
0.00
0.05
0.10
0.15
May.22 Jun.22 Jul.22 Aug.22 Sep.22 Oct.22 Nov Dec/22
Accounts payable Accounts payable exp.

23
20.6% to 16.4%. And the share of those who expect it to increase decreased from 2.1% to zero. The share of those
who do not expect changes increased from 77.3% to 83.6%.
Size. The indicator of expectations is somewhat better for small (-0.17) and medium (-0.18) enterprises. For large
(-0.14) and micro-business (-0.15), the indicator is approximately the same and slightly higher.
Region. The indicator of expectations for Kyiv, Chernihiv, Zakarpattya, Zaporizhzhya, Vinnytsya, and Khmelnytskyy
regions is zero. Sumy (-0.92) and Dnipropetrovsk (-0.50) regions have the lowest values.
Sector. The highest indicator of tax arrears expectations is in the printing industry and is equal to zero. The lowest
indicator is for construction materials production (-0.24).
Fig. 18. Indices of changes in tax arrears
NUMBER OF WORKERS
The employment reduction rate remains almost unchanged. The number of workers index, after a gradual
increase in November compared to October, changed slightly and is -0.08 (it was -0.09). The share of respondents
who reported a decrease in the number of workers involved in all enterprise operations decreased from 13.0% to
9.8%. While the percentage of those who indicated their increase decreased from 4.3% to 2.0%. At the same time,
the share of those for whom nothing has changed increased from 82.7% to 88.2%.
Size. This indicator is the highest for large enterprises (-0.05). The indicator is approximately the same for medium
(-0.07) and micro (-0.08) enterprises. For small enterprises, the value of the indicator is the lowest and is -0.10.
Region. The highest indicator is for the Odesa region (0.03). The lowest value is for Dnipropetrovsk (-0.35) and
Sumy (-0.33) regions.
Sector. The indicator of the printing industry is zero and is the highest. Indicators of all other sectors have a
negative value. The lowest value is for the chemical industry (-0.27), metal production, and metalworking (-0.39).
Expected changes in the number of workers
In the next three months, entrepreneurs and company managers also do not expect significant changes in the
employment rate: the index of expected changes in the number of workers has changed slightly and is -0.03 (-0.02
in October). The share of respondents who believe the number of workers at the company will increase decreased
from 6.8% to 4.0%. And the share of those who expect a reduction in the number of employees also decreased
from 8.1% to 7.1%. The share of those who believe nothing will change has increased from 85.1% to 88.9%.
Size. The indicators of medium (0.01) enterprises have a single positive value. The indicator of micro-(-0.03) and
large (-0.05) enterprises is approximately the same. The indicator of small enterprises is the lowest and is equal
to -0.08.
-0.09
-0.14
-0.06
-0.02
-0.06
-0.12
-0.10
-0.18
-0.09
-0.07
-0.19
-0.17
-0.25
-0.20
-0.15
-0.10
-0.05
0.00
Jun.22 Jul.22 Aug.22 Sep.22 Oct.22 Nov.22 Dec.22
Tax arrears Tax arrears ex.

24
Region. Kyiv (0.33) and Odesa (0.10) regions have the highest indicator of expectations. It is the lowest for
Kirovohrad (-0.18) and Zaporizhzhya regions.
Sector. Light industry (0.06) have the highest expectation index. The indicators of woodworking (-0.21) and
chemical (-0.25) industries are the lowest.
Fig. 19. Indices of changes in the number of workers
WORKERS ON FORCED LEAVE
The number of workers on forced leave has decreased for the second month in a row. The number of workers
on forced leave index decreased significantly (from -0.09 to -0.20). The share of businesses reporting an increase
in the number of employees on forced leave decreased slightly from 5.1% in October to 4.8%. While the share
indicating a decrease increased from 14.9 % to 25.5%. The share of those for whom the situation did not change
over the past month decreased from 80.0% to 69.8%.
Size. Indicators of enterprises of all sizes have a negative value. The indicator of micro-enterprises is the highest
and is -0.07, and the value of the index of large enterprises is -0.15. The indicators of small (-0.25) and medium (-
0.23) enterprises are the lowest and approximately the same.
Region. Among the various regions, the highest increase in the indicator is observed for enterprises in
Dnipropetrovsk (0.50) and Sumy (0.18) regions, and the decrease in the number of employees on forced leave is
most often reported in Lviv, Ivano-Frankivsk, and Ternopil regions (-1.00 for each).
Sector. Metalworking (0.18) and mechanical engineering (0.03) have the worst indicators regarding the number
of workers on forced leave. Values for other industries have negative indicators. The lowest value is for the
printing industry (-0.50).
Fig. 20. Indices of changes in the number of workers on forced leave
-0.54
-0.30
-0.16
-0.09
-0.03
-0.09 -0.08
0.01 0.03
0.11
0.04 0.03
-0.02 -0.03
-0.60
-0.50
-0.40
-0.30
-0.20
-0.10
0.00
0.10
0.20
May.22 Jun.22 Jul.22 Aug.22 Sep.22 Oct.22 Nov,22 Dec.22
Number of workers Number of workers exp.
0.35
0.05 0.06
0.01 0.00
-0.09
-0.20
-0.01
-0.22
-0.14
-0.03
0.02
-0.17
-0.25
-0.30
-0.20
-0.10
0.00
0.10
0.20
0.30
0.40
Workers on forced leave Workers on forced leave exp.

25
Expected change in the number of workers on forced leave
Enterprises having employees on forced leave expect a further decrease in this indicator. The index of expected
changes in the number of workers on forced leave decreased from -0.17 to -0.25. It means those who plan to
reduce the number of such employees in the future prevail. The share of enterprises where an increase in the
number of workers on forced vacations is expected increased from 1.9% to 4.7%. The share of those who believe
the number of such workers will decrease has almost doubled, from 18.6% to 30.6%. At the same time, the share
of those who believe there will be no changes decreased from 79.5% to 64.7%.
Size. Micro-enterprises are least likely to expect an increase in the number of workers on forced leave; their index
is -0.04. The indicator for large enterprises is -0.18, and for medium enterprises, it is -0.26. Small enterprises have
the lowest value - -0.38.
Region. The indicators of Dnipropetrovsk (0.29) and Kyiv (0.25) regions have a higher value of the index, while the
indicators of Ternopil (-1.00), Lviv (-0.97) and Ivano-Frankivsk (-0.95) regions are the lowest.
Sector. Mechanical engineering has the highest expectation for the number of workers on forced leave, which is
zero. Indicators of other industries have a negative value, and the lowest is the indicator of the printing industry
(-0.56).
SKILLED AND UNSKILLED WORKERS
In November, a decrease in problems in finding both skilled and unskilled workers was recorded. The index of
difficulties in finding skilled workers decreased from 0.17 to 0.11. The index of difficulties in finding the unskilled
workers after a sharp increase in October decreased from 0.09 to 0.02 in November.
The share of company managers who indicated that it is more difficult to find skilled workers decreased from
20.6% to 17.6%. The share of those who find it more difficult to find unskilled workers decreased from 14.9% to
10.7%. At the same time, the percentage of those who find it easier to find skilled workers increased from 3.6%
to 6.0%, and the share of those who find it easier to find unskilled workers increased from 6.9% to 8.8%. The share
of companies who do not feel any changes in the search for skilled workers increased from 75.7% to 76.4%. And
for unskilled workers, the percentage increased from 78.2% to 80.5%.
Fig. 21. Indices of changes in skilled and unskilled workers
Skilled workers
Size. Depending on the size of the enterprise, skilled workers are much easier to find for small (0.19), and medium
(0.10) enterprises, while the value of the index is the same for micro and large enterprises and is 0.07.
Region. Significant regional differences in the labor market were recorded. It is easier to find skilled workers in
Chernihiv (-1.00), Odesa (-0.32), and Kyiv (-0.27) regions. It is the most difficult in the Volyn (0.79) and
Dnipropetrovsk (0.85) regions.
0.24
0.18
0.06
0.09
0.17
0.11
-0.01
-0.06 -0.07 -0.07
0.09
0.02
-0.10
-0.05
0.00
0.05
0.10
0.15
0.20
0.25
0.30
Jun.22 Jul.22 Aug.22 Sep.22 Oct.22 Nov.22
Skilled workers Unskilled workers

26
Sector. The food and chemical industries have less difficulty finding skilled workers (0.09 each). The metalworking
and woodworking industries face the most difficulties (0.41 each).
Unskilled workers
Size. Micro (-0.04) and medium (-0.01) enterprises have less difficulty finding unskilled labor. While large (0.02)
and small (0.07) enterprises have slightly more difficulty.
Region. It is easiest to find unskilled workers in Chernihiv (-1.00) and Sumy (-0.67) regions. The most difficulties
in finding unskilled workers are in Dnipropetrovsk, Zhytomyr (0.65 each), and Volyn (0.48) regions.
Sector. The worst indicators for finding unskilled workers are observed in the metalworking (0.41) and
woodworking industries (0.31). And for mechanical engineering (-0.03) and printing industry (-0.15), these
indicators are the best.

27
SPECIAL PART OF THE SURVEY
THE IMPACT OF WAR ON ENTERPRISES
Challenges for businesses in wartime
Russia's massive missile attacks, which led to the destruction of civilian infrastructure in Ukraine, became a critical
obstacle to the work of Ukrainian industry. In November 2022, for the first time during the entire survey period
(since May 2022), the problem of electricity, water, and heat supply outages took first place in the ranking of the
obstacles. The share of the enterprises that faced this problem reached 78%.
Fig. 22. The most important problems for the businesses surveyed
We should note that the share of enterprises whose work was hindered by the lack of electricity, water, or heat
in November increased compared to October when 51% of respondents indicated this problem. In November,this
problem became even more acute for the Ukrainian industry and threatens enterprises with the inability to
maintain the process and the rate of production, with the increase in the cost of production, and the loss of orders.
78%
68%
46%
33%
30%
22%
22%
21%
16%
12%
5%
1%
51%
70%
33%
41%
29%
23%
25%
28%
16%
13%
6%
1%
4%
63%
18%
41%
30%
37%
26%
33%
15%
8%
6%
9%
5%
58%
26%
46%
31%
32%
28%
13%
13%
6%
5%
11%
62%
27%
47%
36%
28%
15%
34%
36%
11%
5%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Interruptions of electricity, water or heat supply
Rising prices for raw materials/goods
It is dangerous to work
Difficulties with transportation of raw materials/goods
through the territory of Ukraine
Decrease in demand for products/services
Lack of working capital
Government regulation of the exchange rate
Disruption of supply chains
Lack of personnel due to conscription and/or migration
Lack of fuel
Damage to property/goods as a result of hostilities
Corruption
Nov.22 Oct.22 Sep.22 Aug.22 Jul.22

28
The problem of rising prices for raw materials and supplies remained as acute as in the previous month. In
November, the rise in prices hindered the work of 68% of surveyed enterprises, and 70%, in October. However,
for the first time in the last five months (since July 2022), it moved to the second place in the rating of obstacles
to business, as power outages became the main problem.
The danger to work associated with the war is becoming more and more acute for the Ukrainian industry. In
November 2022, almost half of the enterprises (46%) said it was unsafe to work. This share increased compared
to October, when there were 33% of such enterprises, and has become the largest for the entire survey period
(since May 2022).
Difficulties transporting raw materials or goods through the territory of Ukraine became the fourth biggest
obstacle for the surveyed business. However, the share of enterprises facing this problem decreased from 41% in
October to 33% in November.
Similarly, supply chain disruptions were also cited by fewer respondents in November (21%), making it the eighth-
ranked obstacle. Earlier, 33% of those surveyed in September and 28% in October reported a disruption in supply
chains.
A decrease in the frequency of reports of these problems can be both a positive result of the establishment of
new trade links or logistics routes and a consequence of an increase in the severity of other problems: primarily
power outages and danger to work.
Decreasing demand for companies' products or services was also included in the top five obstacles for business
in November. The share of businesses mentioning this problem has remained almost unchanged over the past
five months. In November, it was 30%, and from July to October, it fluctuated between 29% and 36%.
22% of enterprises indicated a lack of working capital and a problem with state regulation of the exchange rate.
Accordingly, these problems shared the sixth place in the rating of obstacles. The shares of the respondents who
reported these obstacles have almost not changed compared to October 2022.
The ninth and tenth places in the rating of obstacles in November were occupied by the labor shortage (which
was pointed out by 16% of enterprises) and lack of fuel (12% of enterprises). The importance of these two
problems has almost not changed compared to the previous month.
Five percent of respondents reported damage to property or goods due to military actions, and only 1%
complained about corruption. These shares also remained at the level of October 2022. In addition, less than 1%
of businesses surveyed in November 2022 said they had not faced any problems.
Challenges for businesses by size. There is almost no difference in the impact of the two main problems –
interruptions in electricity, water, or heat supply and rising prices for raw materials or materials – for larger or
smaller businesses. However, the larger the size of the businesses, the more often they say it is unsafe to work.
Specifically, 15% of micro-enterprises indicated this problem. But for small enterprises, this share increases to
44%, for medium-sized enterprises, to 49%, and for large enterprises, it reaches 57%.
On the other hand, smaller businesses are more likely to experience the negative impact of reduced demand for
products or services and a lack of working capital. Namely, while 45% of micro-enterprises report a decrease in
demand for their products or services, this proportion is smaller for small enterprises (38%) and even smaller for
medium and large ones (24% and 26%). Similarly, 30% of micro-enterprises say they lack working capital. Among
larger enterprises, this share is smaller and ranges from 18% to 23%. It is worth noting that the lack of labor is
most often reported by small and medium-sized businesses (24% and 18% of respondents, respectively), while
among micro-businesses, not a single enterprise reported this problem in November.
Challenges for businesses by sector. Electricity, water, or heat supply outages in November had impact on all the
industries: more than 60% of respondents in each sector reported this. Other problems caused by the full-scale

29
Russian invasion affected some industries to a greater or lesser extent3
. Namely, in the chemical industry, more
often than in other sectors, the enterprises mentioned the rise in prices (95%), and those in the food industry say
it is dangerous to work most often (57%). The highest share of businesses experiencing difficulties transporting
raw materials or goods across Ukraine was recorded in machine building (54%). And the highest percentage of
the enterprises that faced a decrease in demand for their products was in metal production and metalworking
(57%).
Challenges for businesses by region. Businesses in different regions differ in their assessment of the impact of
the various disruptions to doing business caused by the full-scale war4
. Electricity, water, or heat supply outages
became a significant obstacle to businesses in almost all regions covered by this survey. In such oblasts as
Vinnytsya, Dnipropetrovsk, Lviv, Odesa, Poltava, Rivne, Ternopil, Khmelnytskyy, and Chernihiv, the share of
enterprises affected by the disconnection of communications reaches 90% to 100%.
Rising prices for raw materials or supplies are most often reported by enterprises of Dnipropetrovsk, Zhytomyr,
Ivano-Frankivsk, Lviv, Poltava, Sumy, Ternopil, Khmelnytskyy and Cherkasy oblasts: more than 80% in each of
them. The fact that it is dangerous to work is most reported in Poltava oblast (100% of respondents), Ternopil
oblast (94%) and in the city of Kyiv (81%).
The war impact on production volumes
Despite the Russian terrorist attacks, business remains resilient to new challenges. In November, only 2% of
enterprises surveyed reported that they stopped their activities during the war (at the level of September and
October)5
.
Fig. 23. The impact of war on the enterprises' work (% of respondents)
3
This analysis does not include enterprises of agriculture, construction, trade, and services, as well as companies included
in the "Other production" category.
4
The comparison does not include regions where no enterprises were surveyed, Mykolayiv and Chernivtsi regions, where
the number of respondents was insufficient for statistical comparison. For more details, see the section "Sample".
5
A significant expansion of the sample compared to the previous month could also have a minor impact on the results.
10.3%
16.9%
15.6%
25.6%
16.6%
15.0%
8.2%
13.7%
17.3%
18.7%
29.9%
12.1%
3.5%
11.7%
15.6%
22.8%
36.4%
10.0%
2.7%
6.6%
14.1%
32.8%
35.9%
7.9%
2.0%
5.7%
13.4%
29.6%
41.3%
7.9%
1.8%
6.3%
15.6%
32.5%
36.1%
7.7%
2.4%
6.8%
17.7%
26.5%
43.4%
3.2%
0.0% 10.0% 20.0% 30.0% 40.0% 50.0%
0% capacity utilzation
up to 25%
25%-49%
50%-74%
75%-99%
100% capacity utilization
Nov.22 Oct.22 Sep.22 Aug.22 Jul.22 Jun.22 May.22

30
Also, the share of enterprises operating at less than 25% of the pre-war capacity continues to be low - only 7% in
November (for comparison, 6% in September and October or 7% in August). It confirms the stabilization of the
situation and the recovery of production. However, we should note that troubled enterprises may be less willing
to take the survey, and therefore, they are only partially represented in the research panel. A worsening of the
situation is also possible, given the continuation of missile terror.
In November, a sharp decrease in the share of enterprises operating at 100% was recorded, compared to pre-war
volumes of 3%. At the same time, this indicator remained at 8% in the previous three months. Such changes may
be the result of Russian missile attacks. However, 43% of respondents worked almost at full capacity in November
(36% in October). In total, 46% of enterprises worked at almost full, full, and more than full capacity in November,
while in October, it was 44%. Thus, the missile strikes did not have a critical impact on production volumes but
restrained the recovery, which had been active since the spring.
Results for businesses by size. Small businesses remain more sensitive to the negative impact of war on
production. In November, 13% of micro-businesses did not work (10% in October, 9% in September, and 16% in
August). Microenterprises are mostly more sensitive to changes in the business environment. By comparison, big
business has fully resumed operations. Also, small and medium-sized enterprises (3% and 1%) have almost
completely resumed their work. The study results reflect the effect of business size on its ability to maintain and
restore production in wartime.
Among medium and large businesses, the largest share of enterprises maintains production at almost full and full
capacity compared to the pre-war period. This indicator in November is 53% for medium-sized enterprises. And
for large enterprises, it is 48%. The results indicate that large and medium-sized entities reached a certain peak
of production recovery in September, but a slight slowdown is observed in October and November. At the same
time, micro-business became active, where the corresponding indicator reached 32% (against 24% in October and
15% in November).
Fig. 24. The share of enterprises operating almost at full and full capacity (75 - 99%, 100%, and more) compared to the pre-war period
(by enterprise size, %)
Results for businesses by sector. The printing industry was the leader in the recovery; 75% of its enterprises were
operating at near full and full capacity in November. This survey has consistently shown strong recovery rates
(including 53% in October and 61% in September). At the same time, industries that provide the basic needs of
the population remain among the leaders. In November, 60% of light industry representatives (44% in October
and 62% in September) and 58% of the food industry (62% in September and October) worked at almost full or
full capacity. Also, at the end of autumn, machine-building enterprises demonstrated recovery (51% in November
against 32% in October and 40% in September).
16%
28%
42%
30%
22%
46% 46% 46%
15%
48%
54% 51%
17%
40%
51% 51%
15%
47%
57% 55%
24%
42%
48% 49%
32%
42%
53%
48%
0%
10%
20%
30%
40%
50%
60%
70%

31
Fig. 25. The share of industrial enterprises operating almost at full and full capacity (75 - 99%, 100% and more) compared to the pre-
war period, % of respondents by sector
The situation is the worst in metallurgy, where only 13% of respondents were working at almost full and full
capacity. Thus, the situation in the industry remains critical. The situation in the chemical industry has also
worsened, with only 11% of enterprises operating at full or almost full capacity. In such sectors as the chemical
industry and construction materials production, the situation is also unstable, as there are periodic fluctuations
in production volumes.
Results by region6
. In the regional context, the regularities of the previous waves of the survey are preserved. The
business of the western regions best preserved and resumed production. For example, 100% of Lviv region
enterprises,94% of Ternopil regionenterprises,and 89% of Rivne regionenterprises workedalmostatfull capacity
in November. At the same time, among the enterprises surveyed, 100% were recorded in the Poltava region, and
71% in Odesa and Vinnytsya regions. Thus, the situation is equalized between different regions of Ukraine. In
contrast, the situation is difficult in the front-line Zaporizhzhya region, where there are no enterprises with high
production volumes compared to the pre-war period. The situation is also difficult in Cherkasy (17% at full and
almost full capacity) and Dnipropetrovsk (20%) regions, Kyiv city (20%), and Sumy region (22%).
6
In the Mykolayiv and Poltava regions, the subsample is insufficient for analysis.
26%
32%
11%
35%
33%
58%
43%
57%
26%
25%
13%
25%
33%
61%
47%
53%
20%
38%
39%
22%
40%
62%
62%
61%
10%
11%
33%
26%
32%
62%
44%
53%
13%
27%
29%
43%
51%
58%
60%
75%
0% 10% 20% 30% 40% 50% 60% 70% 80%
Metalworking
Chemical industry
Construction materials
Woodprocessing
Machine building
Food industry
Light industry
Printing industry

32
THE WAR IMPACT ON THE ENTERPRISES’ EXPORT ACTIVITIES
Within the seventh wave of the survey, 55% of respondents (among those who were able to answer) were or are
exporters (51% in October). At the same time, 36% of enterprises have never exported and do not plan to, and
7% could not answer the question.
Only 1% of enterprises plan to start exporting for the first time soon (also 1% in October). A low level of optimism
about entering foreign markets was observed throughout most of the waves of the survey. The corresponding
figure was 1% in July and 2% in August and September. Prolonged military actions and challenges of wartime
affected short-term business plans because in May and June, respectively, 7% and 5% of enterprises planned to
start exporting for the first time.
Fig. 26. Impact of the war on export activities (% of exporters surveyed)
The results of the last few waves of the survey indicate that the enterprises in the current conditions have no
more abilities for active export recovery. In November, 17% of enterprises reported that they stopped exporting
after February 24 and were not able to resume it. It is at October (17%) and September (16%) levels. In contrast,
there is a high overall indicator of enterprises that either did not stop exporting or were able to resume it. The
share of enterprises indicating that they did not stop exports reached 69% (61% in October). It is the highest result
for all waves of the survey. Another 15% of respondents indicated that they stopped exporting but resumed it
(21% in October). Similar fluctuations between indicators could be provided by enterprises that only stopped
exporting for a short time.
Results for businesses by size. Micro-businesses continue to lag in export recovery compared to larger
enterprises. However, in November, the intensification of the export activity recovery among micro-enterprises
was recorded. If in October, every second micro-enterprise has not yet resumed exports, then in November, it is
about every third. Thus, we see a positive trend in the recovery of micro-enterprises. For small and medium-sized
businesses, the situation remains at approximately the same level - 18% and 17% could not resume exports. At
the same time, large business remains the leader in resuming export activity because only 12% of respondents
could not resume sales abroad. Thus, the regularity of export recovery is preserved depending on the size of the
enterprise.
44%
40%
48%
61%
56%
61%
69%
9%
20%
26%
19%
28%
21%
15%
47%
40%
27%
20%
16%
17%
17%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
May.22
Jun.22
Jul.22
Aug.22
Sep.22
Oct.22
Nov.22
Continues exporting and never stopped
Stopped exporting after 24.02.2022, but already resumed
Stopped exporting after 24.02.2022, not resumed yet

33
Fig. 27. Enterprises that stopped exporting but could not recover, by the size of enterprises (% of exporters surveyed)
Results for businesses by sector. The data obtained make it possible to analyze the impact of the war on the
export activity of various industries. In November, 97% of exporters surveyed represented the production
industry, and the sample of exporters for other sectors is not representative.
In November, the situation was the most difficult in construction materials production (58% stopped exporting
and did not recover), mechanical engineering (27%), and metallurgy (27%). At the same time, the best situation is
in such food (13%), woodworking (13%), and light (17%) industries. At the same time, the situation remained
unchanged for several months in the food industry (15% in October, 15% in September, and 13% in August) and
the light industry (19% in September and October). These industries were among the most resilient during the
war and, therefore, quickly achieved a high level of export recovery and are now showing steady performance.
Fig. 28. Enterprises that stopped exporting but could not resume it, by sector (% of exporters surveyed)
Results by regions.Throughout all waves of the survey, the obtained results by region do not allow us to conclude
clear regional patterns due to the insufficient size of subsamples in some regions. However, the available data
confirm the significant war impact on exporters in all areas, regardless of active military actions. For example, 63%
of respondents in the Dnipropetrovsk region stopped and did not resume exports, and 80% in the Zhytomyr
65%
51%
33%
62%
43%
35% 37%
50%
28%
20% 25%
56%
25%
19%
13%
50%
21%
15%
9%
46%
9%
19% 15%
32%
18% 17% 12%
0%
20%
40%
60%
80%
100%
28%
36%
27%
21%
0%
28%
29%
24%
43%
8%
24%
13%
26%
6%
14%
19%
0%
15%
30%
14%
33%
7%
19%
7%
15%
58%
27%
27%
18%
17%
13%
13%
0% 10% 20% 30% 40% 50% 60% 70%
Construction materials
Machine building
Metalworking
Chemical industry
Light industry
Woodprocessing
Food industry

34
region. In the regions mentioned, the situation was the most difficult during the previous survey wave. At the
same time, in some regions (Lviv, Odesa, Rivne regions), all surveyed exporters continue selling abroad.
GOVERNMENT POLICY
Assessment of government policy to support business
In November 2022, positive assessments of government policy to support business increased somewhat due to a
reduction in the share of neutral assessments and the percentage of respondents who did not answer this
question. At the same time, as before, approximately every fifth company assesses this policy negatively.
Namely, 23% of the surveyed enterprises heads assessed the state policy on business support positively, which is
more than in October 2022 (16%). At the same time, the share of neutral assessments decreased slightly (from
48% in October to 46% in November), as did the share of the respondents who could not assess the government’s
business support policy (from 14% in October to 10% in November). The same share of business managers as in
October 2022 gave negative assessments of the state business support policy: 21%.
Fig. 29. Assessment of government policy to support business
Assessment of government policy to support business by business size. Micro-enterprises have the lowest share
of positive assessments of the state business support policy (13%) and the largest share of those who do not
assess the policy (25%). For comparison, among representatives of small, medium, and large enterprises, 22% to
26% of respondents assessed government business support positively.
At the same time, representatives of large businesses are the least likely to negatively assess the government's
business support policy: 13% compared to 20%-27% of respondents among representatives of smaller enterprises.
Assessment of government policy to support business by sector. There are some differences in the assessments
of state policy on business support among enterprises of different industries7
. Most often, positive assessments
were given by the representatives of the printing industry (38%), the light industry (33%), and the food industry
(30%).
At the same time, respondents representing the woodworking industry (48%), chemical industry (41%), and metal
production and metalworking (39%) have the highest shares of negative assessments.
Assessment of government policy to support business by region. The highest level of positive assessments of
state business support policy in November 2022 was recorded in Ternopil oblast (all representatives of local
enterprises positively assess this policy), Lviv (69%) and Ivano-Frankivsk (60%) oblasts8
. The largest shares of
negative assessments are among businesses in Zakarpattya and Sumy oblasts (57% and 50%, respectively).
7
This analysis does not include enterprises of agriculture, construction, trade, and services, and enterprises included in
the category "Other production".
8
The comparison does not include regions where no enterprises were surveyed and the Mykolayiv region where the
number of respondents was insufficient for statistical comparison. For more details, see the “Sample” section.
19%
42%
11%
28%
16%
39%
23% 22%
10%
50%
22%
18%
10%
51%
28%
12%
10%
57%
22%
11%
16%
48%
21%
14%
23%
46%
21%
10%
0%
10%
20%
30%
40%
50%
60%
Positively Neutrally Negatively Don't know / Didn't answer

35
SURVEY METHODOLOGY
This report presents the results of the seventh Monthly Survey “Ukrainian Business in the Wartime”. A monthly
enterprise survey is conducted using a combination of several data collection methods: self-completion of the
online checklist and telephone interviews of business representatives filling out their responses into an online
check-list.
First, the IER sent out a questionnaire to Ukrainian companies as an online form. Some respondents filled it out
themselves. The IER also conducted a survey through partners in the regions, when the same questions were
asked to business representatives by interviewers, and their answers were added to an online checklist. As a
result, all responses (filled by the respondents themselves and provided to the interviewers) were collected in
one database. After the survey, IER experts monitored and cleaned up the data and analyzed the responses.
In this survey, we continue examining the indicators of the business climate and conditions studied by the IER in
the quarterly surveys of industrial enterprises within the project "Business Survey." Itincludes aggregated industry
prospects indicator and indices that in numerical terms show monthly changes in such important business
indicators as production and sales, exports, raw materials and supplies stocks, the new orders number, etc., and
business expectations for their chances for the next three and six months period.
These indices are calculated according to a single methodology. We count responses as +1 when the company
responds that the rate has increased, 0 if it has not changed, and -1 if it has decreased. For example, if out of 100
respondents, 20 indicated an increase in production, 50 respondents its reduction, and 30 said that everything
remained unchanged, the corresponding value of the index will be -0.30. A positive (negative) index value means
that the share of enterprises where production has increased is larger (smaller) than the number of those where
production has decreased. For a more accurate measurement at the micro-data level, each answer is weighted,
taking into account the enterprise size by the number of employees.
Such indices help control the dynamics of changes in these indicators, compare them over time and quickly assess
the general direction of changes in business conditions and the situation at the enterprises.
The field phase of the survey lasted from November 14 to 30, 2022.
SAMPLE
A total of 507 enterprises were surveyed in the seventh wave of the survey. They are located in Vinnytsya, Volyn,
Dnipropetrovsk, Zakarpattya, Zaporizhzhya, Zhytomyr, Ivano-Frankivsk, Kyiv, Kirovohrad, Lviv, Mykolayiv, Odesa,
Poltava, Rivne, Sumy, Ternopil, Khmelnytskyy, Cherkasy, Chernivtsi and Chernihiv regions as well as in Kyiv city. In
each of these regions, from 2 to 46 enterprises were surveyed9
.
The majority of the sample consisted of industrial enterprises: 477 companies or 94% of the sample. The food
industry, light industry, and mechanical engineering prevail among them. Fourteen enterprises belong to the
service sector (2.8% of the sample), and seven to trade (1.4% of the sample). Six enterprises, or 1.2% of the
sample, are agricultural. And three enterprises (0.6%) belong to the construction industry.
Among the enterprises surveyed are enterprises of various sizes determined by the number of employees. They
include micro-enterprises (up to 10 employees) – 53 or 11% of the sample, small (from 11 to 50 employees) – 138
or 27% of the sample, medium-sized (from 51 to 250 employees) – 203 or 40% of the sample and large companies
(more than 250 employees) – 113 or 22% of the sample.
9
The survey indicated the region in which the enterprise was located at the time of the survey.

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