Business Activity Expectations Index Shows Improvement
In February 2026, the Business Expectations Index rose to 45.9, up from 41.3 in January. This indicates that companies across all surveyed sectors have improved their outlooks for future business activity. The construction and industrial sectors reported the most significant positive shifts, while trade and service sector enterprises remained more cautious in their assessments. However, the overall optimism was tempered by a deteriorating situation within the energy sector compared to February 2025.
Respondents from every sector indicated they anticipate further price increases for their own goods and services. This forward-looking concern stems from several negative factors currently impacting business sentiment. These challenges include:
- uncertainty regarding the duration of ongoing hostilities;
- extensive damage to energy and infrastructure facilities;
- significant costs for recovery and alternative power sources;
- rising electricity prices for businesses;
- a shortage of qualified personnel;
- seasonal factors.
Positive Drivers for Development
On a more positive note, several factors are providing impetus for development. These include sustained consumer demand, steady international financial support, and a deceleration in the rate of inflation. This survey offers a snapshot of business sentiment in a complex economic environment. Notably, only managers in the construction sector expressed optimism about increasing their workforce numbers, whereas respondents in other sectors forecast staff reductions, with the most substantial cuts expected in industry.
The rise in the Business Expectations Index points to a tentative improvement in economic sentiment, yet it simultaneously highlights the difficult situation in the energy sector, which may restrain broader development.
The outlook for product prices remains a critical issue, as it could influence consumer demand and overall economic stability. Given these mixed signals, businesses are advised to monitor economic policy changes closely and adapt their strategies to ensure resilience and growth amid ongoing uncertainty.