Ukrainian companies by region: where business is growing and where it is declining
19 November 03:16
A regional analysis of Ukrainian business in the third quarter of 2025 shows significant differences in the pace of entrepreneurial growth. The YC.Market team has investigated where new companies are most actively registered and where business is not yet recovering, "Komersant Ukrainian" reports
In the third quarter of 2025, the largest number of new companies was registered in Kyiv – 2805. The capital traditionally holds the lead in terms of entrepreneurial activity.
Lviv region also demonstrates high dynamics, with 660 companies.
Dnipropetrovska (563), Kyiv (504), and Odesa (452) regions round out the top five.
These regions form the core of the country’s economic activity, despite the difficult security situation and general challenges for business.
Regions with the lowest number of new company registrations
Instead, the lowest number of new company registrations was recorded in Donetsk (14 companies), Kherson (15), Chernihiv (70), Chernivtsi (88), and Sumy (92) regions.
This indicates significant regional differences in the pace of business recovery, driven by both the hostilities and logistical and infrastructure constraints.
Sector leaders: wholesale trade, IT and real estate
Wholesale trade remained the undisputed leader in terms of the number of new companies. The sector traditionally holds the top position due to the broad demand for wholesale services and low entry barriers for entrepreneurs.
There was some rotation in the top three:
- The IT sector rose from third place in the first half of the year to second in the third quarter, indicating that digital expansion is continuing even in wartime.
- Real estate operations dropped from second to third place, showing moderate demand but still remaining one of the key areas for business registration.
Sectors with constant demand
The top 10 also consistently includes:
- construction
- transportation and logistics,
- agriculture,
- other services,
- and retail trade.
These industries demonstrate a high level of resilience and continue to attract the attention of entrepreneurs, providing a steady stream of new companies.
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Manufacturing is gaining momentum
In the third quarter of 2025, the top 10 sectors included food processing and mechanical engineering, which were not previously among the most popular areas.
This indicates the revival of the real economy and the growth of domestic demand for Ukrainian products.
Areas that have lost popularity
Two sectors that used to be among the top ten – public organizations and medical institutions – were no longer in the top 10 in the third quarter of 2025. This may be due to a temporary decline in activity in these segments or a change in entrepreneurs’ priorities.
Overall, in the third quarter of 2025, business activity in Ukraine remained stable: wholesale trade, IT, and real estate remained the leaders in business registration, while Kyiv and large regions formed the core of economic recovery.
Despite the general challenges, the structure of sectors and regions proves the steady demand for business initiatives and the gradual strengthening of the market.
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