The indicator of business confidence in industry in Ukraine in March 2024 increased by 1.6 percentage points (p.p.) compared to February 2024, to 7.4% less, while in the processing industry it increased by 2.1 p.p., to 6% less, the State Statistics Service said.

In turn, the indicator of the business climate in industry increased by 0.32 p.p., to 0.5% more, and in the processing industry by 0.2 p.p., to 0.6%.

As reported, expectations for the prospects for business activity in 2023 began to deteriorate in May, when the business confidence indicator stood at 6.8% less and 5% less in industry and processing, respectively, and continued to decline during June-December, amounting to December 13.5% less and 15.6% less, respectively. However, since January 2024, its gradual increase began.

The components for calculating these indicators have seasonally adjusted balance values generated on the basis of reports submitted by enterprises. In particular, the assessment of the current volume of orders for production of products (demand) in industry in March was 39% less (in February 42% less), in processing 44% less (versus 45% less).

In turn, March expectations regarding production volumes in the next three months also improved – in industry they increased to 9% more from 5% more in March 2024, in processing, to 16% more from 11% more.