The National Bureau of Statistics (NBS) cites data from its quarterly business sentiment monitor, citing surveys of executives in the manufacturing, construction and trade sectors.
The moderate business sentiment of entrepreneurs is dictated by the actual situation at the beginning of the year. According to the NBS, in the first quarter of 2026, 56% of all respondents faced restrictions in their economic activities.
The main reason for restrictions in business activity is insufficient market demand (32.8% of respondents reported this). Also, the activities of enterprises are negatively affected by financial problems (23.6%), lack of skilled labor (17.1%), consequences of the crisis caused by the war in Ukraine (11.0%), availability of space and/or equipment (4.4%).
According to sectoral conditions, the economy as a whole is expected to be relatively stable. In construction and manufacturing industry, the mood is slightly more optimistic – moderate growth is possible there.
Moderate income growth is forecasted. The largest contribution to this growth is expected from the retail and service sectors. Executives expect a further increase in prices for goods and services. At the same time, they are pessimistic about their staffing capabilities and forecast moderate staff reduction.
