Small Business Growth Persists in Ukraine Amid War with Russia

Over 200,000 Sole Entrepreneurs Registered Since February 2022

28 March 2023

Despite the ongoing war with Russia, Ukraine has witnessed a remarkable surge in small business growth, as evident by the registration of over 200,000 sole entrepreneurs since February 2022. This development reflects the resilience and adaptability of Ukrainians in the face of adversity.

Beginning with 1,946 new sole entrepreneurs registered in March 2022, the numbers climbed steadily throughout the year, peaking at 20,108 in August 2022. While there was a slight dip in the fall, the registration of new sole entrepreneurs rebounded in January 2023 with 16,931 registrations, followed by 16,440 in February and 15,893 in March 2023.

Number of the new solo enterpreneurs
MonthMarch 2022AprilMayJuneJulyAugustSeptemberOctoberNovemberDecemberJanuary 2023FebruaryMarch
Number of the new solo enterpreneurs1,94612,62615,40817,95019,08520,10820,13617,32415,93411,95116,93116,44015,893

This uptick in small business growth highlights the determination of Ukrainian entrepreneurs to continue contributing to the country’s economic development, even during times of war. The increase in sole entrepreneurs also underscores the population’s optimism and faith in the future of Ukraine.

As Ukrainians continue to innovate and adapt, the expansion of small businesses serves as a testament to their unwavering spirit and commitment to rebuilding their nation.

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