According to Experts.news, Ukraine’s construction industry has shown mixed trends based on preliminary results for the first half of 2026: following growth in 2023–2025, the sector has faced a slowdown in the volume of work, rising construction costs, a labor shortage, and a shift in demand toward housing and infrastructure reconstruction.
The State Statistics Service has not yet released final data for January–June, so a current assessment can be made based on statistics for the first four months, data on housing completions in the first quarter, the “eOselya” and “eVidnovlennia” programs, as well as construction companies’ expectations for the second quarter.
According to the State Statistics Service, the volume of construction work completed in Ukraine in January–April 2026 decreased by 2% compared to the same period in 2025 and amounted to 59.3 billion UAH. At the same time, in April compared to April 2025, construction had already shown a 2.8% increase; specifically, residential construction rose by 5.8%, civil engineering structures by 9.7%, while non-residential construction declined by 7.4%. New construction accounted for 47.8% of the total in April, repairs for 29%, and reconstruction and other work for 23.2%.
By comparison, in 2025, the volume of construction work completed in Ukraine rose by 11.3% to 258.2 billion UAH, but the growth rate was already slowing down at that time, following 17.8% growth in 2024 and 31.8% in 2023. In 2025, residential construction grew by 13.5%, nonresidential construction by 25.4%, and civil engineering by only 3.1%.
“In the first half of 2026, the construction sector effectively transitioned from a phase of rapid post-shock recovery to a phase of selective growth. Housing, renovations, engineering infrastructure, and reconstruction-related projects remain the most resilient. At the same time, commercial non-residential construction remains weaker due to war risks, more expensive financing, and uncertainty for investors,” noted Maksym Urakin, founder of the Experts Club analytical center and candidate of economic sciences.
The residential segment appears more stable than the overall industry trend. In the first quarter of 2026, housing completions in Ukraine decreased by only 0.1% year-over-year, to 2.289 million square meters. During this period, 29,600 apartments were completed, which is 4.3% more than in the first quarter of 2025. The largest volumes of housing completions were recorded in the Lviv, Odesa, Ivano-Frankivsk, Zakarpattia, and Ternopil regions, while in Kyiv, 289,000 square meters of housing—or 4,900 apartments—were completed.
Government programs remain one of the key sources of demand for housing. According to the Ministry of Economy, as of June 22, 2026, 4,104 Ukrainian families had taken advantage of the “eOselya” program since the beginning of the year, receiving preferential mortgage loans totaling nearly 7.7 billion UAH. In just one week in June, 157 loans totaling 313 million UAH were issued, with the majority of new loans going toward first-time home purchases.
The “eVidnovlennia” program plays an even more important role for the construction market. As of June 2026, 206,447 Ukrainian families had received assistance for repairing or purchasing new housing, totaling 103.9 billion UAH. More than 138,000 families received payments to repair damaged homes, nearly 65,000 families received housing certificates for destroyed property, and a separate program for rebuilding on private land is already being funded through tranches.
At the same time, the industry is facing significant price pressure. According to the summary table of price indices for construction and installation work, in April 2026, the construction price index stood at 103.1% compared to March, following 109.4% in March, 101.8% in February, and 101.1% in January. The cumulative figure for the first four months of 2026 was 116.1%, indicating a significant increase in the cost of labor and materials.
Business expectations among construction companies remain cautious. According to a State Statistics Service survey for the second quarter of 2026, the business confidence indicator in construction improved by 1.9 percentage points compared to the first quarter but remained deeply negative at minus 25.7%. The current order volume was estimated at minus 41.5%, and expectations regarding the number of employees stood at minus 9.9%. Companies cited labor shortages, financial constraints, and other factors as the main limiting factors, while their order backlog was estimated to cover an average of six months of work.
At the macro level, the country’s recovery remains the industry’s main long-term driver. According to estimates by the World Bank, the Ukrainian government, the European Commission, and the UN, Ukraine’s needs for recovery and reconstruction over the next ten years are already estimated at nearly $588 billion. Direct losses reached $195 billion, with the housing, transportation, and energy sectors hardest hit. Damages to the housing sector alone are estimated at approximately $61 billion, and about 14% of the housing stock has been damaged or destroyed.
According to Experts Club’s assessment, in the second half of 2026, Ukraine’s construction industry will remain dependent on three key factors: the security situation, access to financing, and the stability of government recovery programs. Residential projects in hinterland regions, the reconstruction of damaged housing, engineering infrastructure, the energy resilience of communities, social housing, and critical infrastructure facilities will have the greatest potential.
“The Ukrainian construction sector cannot be assessed solely based on the current index of completed work. It is no longer just an economic sector, but one of the key tools for survival, the return of people, the recovery of communities, and the country’s future investment attractiveness. But the transition from repairs to large-scale modernization requires long-term financing, insurance against war risks, transparent project pipelines, and skilled personnel,” emphasized Maksym Urakin.
Thus, the first half of 2026 for Ukraine’s construction industry can be preliminarily assessed as a period of stabilization following the rapid growth of previous years. The market is not showing a uniform upturn, but it has significant structural demand related to housing, reconstruction, infrastructure, and future post-war reconstruction. For businesses, this means a shift toward more selective competition—companies with access to financing, qualified personnel, a transparent cost estimation framework, and the ability to work with government and international reconstruction programs will come out on top.
CONSTRUCTION, EXPERTS CLUB, HOUSING, INFRASTRUCTURE, RECONSTRUCTION, URAKIN
On July 4, the United States marks the 250th anniversary of the adoption of the Declaration of Independence — the key document that began the formation of the American state. The central events are taking place in Washington, where the anniversary is combined with the traditional Independence Day and the federal America250/Freedom 250 program.
The National Mall in Washington has become the main venue for the celebration. Under the Freedom 250 program, the day will feature the Great American State Fair, FIFA Fan Zone, aviation demonstrations and flyovers above the center of the capital, an evening concert program, an address by US President Donald Trump, and a major fireworks display. Organizers said the fireworks show is expected to be the largest in history and begin at 10:30 p.m. local time.
The anniversary is not taking place without adjustments. Because of extreme heat in Washington, organizers moved some activities to a later time, expanded cooling points, water stations, and medical support. The National Independence Day Parade, which was supposed to take place on July 4, was canceled because of an excessive heat warning.
Events are also taking place in other US cities. Associated Press notes that the celebration includes fireworks, concerts, and public ceremonies in Washington, New York, Chicago, Los Angeles, and other cities, while the anniversary is taking place against the backdrop of political polarization and debates about the country’s future.
“The 250th anniversary of the United States is not only a historic date, but also an occasion to assess the balance of strength and vulnerability of the world’s largest economy. America retains first place in nominal GDP, military spending, the depth of its financial market, the role of the dollar, and its energy base, but at the same time enters the anniversary year with debt of almost $39.4 trillion. For the global economy, this means that the United States remains the main center of power, but its fiscal sustainability is becoming one of the key risks of the next decade,” said Maksym Urakin, founder of the Experts Club analytical center.
Historically, Independence Day is associated with the decision of the 13 American colonies to sever political ties with Great Britain. The Declaration of Independence was adopted by the Continental Congress on July 4, 1776. Formal international legal recognition of US independence by Great Britain came later — under the Treaty of Paris of 1783, which ended the War of Independence.
Today, the United States remains a federal presidential republic consisting of 50 states and the federal District of Columbia. The country’s population, according to the IMF estimate, is about 343 million people, while nominal GDP in 2026 is estimated at approximately $32.38 trillion, preserving the United States’ status as the world’s largest economy at current prices.
The United States also retains several leading global positions. According to SIPRI, the country remains the world’s largest military spender: in 2025, US spending amounted to $954 billion, or about one-third of global military expenditure. According to the EIA, the United States set a new oil production record in 2025 — 13.6 million barrels per day — remaining the world’s largest oil producer. The US dollar, according to IMF COFER, accounted for 57.13% of allocated global foreign exchange reserves in the first quarter of 2026, remaining the world’s leading reserve currency.
The American financial market also remains the largest center of global capital. According to the World Federation of Exchanges, the two largest US exchanges alone — Nasdaq and NYSE — each had tens of trillions of dollars in domestic market capitalization at the end of 2025, significantly ahead of most global exchanges.
The main weak point of the United States in the anniversary year is the national debt. According to the US Treasury, as of July 2, 2026, total federal debt stood at $39.375 trillion, of which $31.679 trillion was debt held by the public.
The US Congressional Budget Office forecasts that the federal deficit in fiscal year 2026 will amount to $1.9 trillion, or 5.8% of GDP. Debt held by the public, according to the CBO estimate, will reach 101% of GDP by the end of 2026 and rise to 120% of GDP by 2036.
Thus, the United States enters its 250th anniversary as a country with a unique combination of global leadership and internal imbalances. The American economy remains the largest in the world, the dollar is the key currency of the international system, and the capital market is the main source of liquidity. But the scale of the debt and chronic budget deficits are increasingly becoming factors that investors, US allies, and competitors take into account no less than the country’s technological, military, and financial power.
The article presents key macroeconomic indicators of Ukraine and the global economy as of the end of March 2026. The analysis was prepared on the basis of current data from the State Statistics Service of Ukraine (SSSU), the National Bank of Ukraine (NBU), the International Monetary Fund (IMF), the World Bank, as well as leading national statistical agencies (Eurostat, BEA, NBS, ONS, TurkStat, IBGE). Maksym Urakin, PhD in Economics and founder of the Experts Club information and analytical center, presented an overview of current macroeconomic trends that determined the situation in Ukraine and the world at the beginning of 2026.
Macroeconomic indicators of Ukraine
As of the end of March 2026, the Ukrainian economy remained in a mode of managed macrofinancial stabilization, but the first quarter showed a noticeable deterioration in the balance of risks compared with the beginning of the year. After a relatively favorable January, when inflation was declining, reserves were at a historically high level, and the NBU began cautious easing of interest rate policy, the situation became more complicated in February-March. Inflation accelerated again, international reserves declined for the second month in a row, the foreign exchange market required significant interventions by the regulator, and the first quarterly GDP estimate showed a decline.
According to the preliminary estimate of the State Statistics Service, Ukraine’s real GDP in Q1 2026 decreased by 0.6% compared with Q1 2025, and by 0.7% compared with the previous quarter, taking into account the seasonal factor. Nominal GDP amounted to UAH 2,047.2 billion. This became an important signal that economic recovery remains unstable and highly sensitive to energy, military and foreign trade shocks.
In its April Inflation Report, the National Bank worsened its forecast for Ukraine’s real GDP growth in 2026 to 1.3%, taking into account further destruction of infrastructure, larger electricity deficits and the effects of a significant increase in energy prices. This means that even if international support is maintained and the situation on the foreign exchange market remains controlled, the economy is entering 2026 on a lower growth trajectory than previously expected.
“The first quarter of 2026 showed that the Ukrainian economy has still not moved into a classic recovery phase. We have a stabilization model that works thanks to international financial support, budget expenditures, business adaptation and NBU policy. But the decline in GDP in the first quarter indicates that the margin of safety remains limited. Energy destruction, labor shortages, weak exports and military risks are quickly affecting the real sector. Therefore, the main task for 2026 is to gradually restore the productive base of the economy,” Urakin noted.
Inflation dynamics in March also became less favorable. According to the State Statistics Service, as commented on by the NBU, consumer inflation accelerated to 7.9% year-on-year in March 2026. Month-on-month, prices rose by 1.7%. After the January slowdown to 7.4% and the February acceleration to 7.6%, the March figure confirmed that the disinflationary trend had become less stable.
The NBU explained the March acceleration primarily by the increase in prices for raw food products, fuel and certain services. Additional pressure was created by energy risks, rising business costs, the impact of external energy prices and increasing geopolitical tension. At the same time, core inflation remained closer to the forecast trajectory, which allowed the regulator not to move to a sharp tightening of policy, but at the same time limited the room for a further rapid reduction in the rate.
At the end of March, the NBU key policy rate remained at 15.0%. On March 20, the Board of the National Bank decided to keep it unchanged after the January reduction from 15.5% to 15.0%. The regulator explained this by the need to maintain the attractiveness of hryvnia assets, preserve the stability of the foreign exchange market and control inflation expectations.
“March effectively paused the discussion about rapid monetary policy easing. Inflation accelerated, the foreign exchange market remained tense, and external risks increased. Under such conditions, keeping the rate at 15% was a logical decision. Ukraine cannot afford to stimulate the economy at the cost of losing confidence in the hryvnia. In a wartime economy, the stability of expectations is often more important than a short-term reduction in the cost of credit,” Urakin emphasized.
The foreign exchange sector remained controlled but required significant support from the NBU. As of April 1, 2026, Ukraine’s international reserves amounted to almost $52.0 billion. In March, they decreased by 5.0%. This dynamic was caused by the National Bank’s foreign exchange interventions and the country’s debt payments in foreign currency, which were only partially compensated by inflows from international partners and the placement of foreign currency domestic government bonds.
Despite the decline, reserves remained high by historical standards and continued to serve as the main financial safety cushion. At the same time, the very need for large interventions indicated that the private foreign exchange market continued to have a structural currency deficit. Ukraine imports significantly more than it exports, and therefore exchange rate stability is largely supported by external financing and the NBU’s reserves.
Foreign trade in the first quarter confirmed this problem. According to the State Customs Service, Ukraine’s trade turnover in January-March 2026 amounted to $33.5 billion. Imports reached $23.4 billion, while exports amounted to $10.1 billion. Thus, the goods deficit over three months amounted to about $13.3 billion, and imports were more than twice as high as exports.
In the import structure, machinery, equipment, transport, fuel and energy goods, and chemical industry products played a key role. China, Poland and Turkey remained the largest import trading partners. The export base remained significantly narrower: the main positions were food products, agricultural products, metals and certain machinery products. The main export destinations remained EU countries and Turkey.
“The trade deficit of the first quarter is one of the most important indicators of the vulnerability of the Ukrainian economy. Reserves and external assistance make it possible to pass through this period without a currency crisis, but they do not replace the country’s own export capacity. When imports are more than twice as high as exports, it means that the country is financing a significant part of its needs through external resources. In wartime conditions this is inevitable, but strategically such a model cannot be permanent. Ukraine must increase exports of products with higher added value, develop processing, logistics, energy autonomy and the defense-industrial complex,” Urakin stressed.
The budget situation following the results of the first quarter also remained tense. According to the Ministry of Finance, UAH 734.6 billion was received by the general fund of the state budget in January-March 2026. At the same time, cash expenditures of the general fund for this period amounted to UAH 916.4 billion, which is 7.1% more than in the corresponding period of the previous year. In March, expenditures amounted to UAH 369.1 billion.
Expenditures on security and defense in January-March amounted to UAH 570.9 billion, or 62.3% of all expenditures of the general fund. This confirms that the state budget in 2026 remains primarily a war budget. The largest areas of expenditure included remuneration in the budget sector with accruals, social security, subsidies and transfers to enterprises, payment for goods and services, servicing of public debt and transfers to local budgets.
“The budget of the first quarter of 2026 shows that the state maintains financial manageability, but the price of this manageability is very high. More than 60% of general fund expenditures are directed to security and defense, and this is absolutely understandable in wartime conditions. But such a structure means that the room for classic investment in development is limited. Therefore, international support, the domestic government bond market and the government’s ability to expand its own tax base through the restoration of economic activity remain critically important,” Urakin noted.
Global economy
As of the end of March 2026, the global economy remained resilient, but less predictable than at the beginning of the year. While in January the IMF’s baseline scenario projected global economic growth of 3.3% in 2026, in the April World Economic Outlook the Fund revised its estimates amid new geopolitical tensions in the Middle East. Under the baseline assumption of a limited conflict, the IMF forecast global growth of 3.1% in 2026 and 3.2% in 2027.
The IMF noted that the global economy had once again faced a shock related to war, rising commodity prices, stronger inflation expectations and tighter financial conditions. This meant that the global environment for Ukraine became less favorable: energy prices, risks to trade and the cost of capital again began to play a greater role.
The United States remained one of the main centers of global resilience. In the first quarter of 2026, U.S. real GDP grew by 2.1% year-on-year, according to the BEA estimate. Growth was supported by investment, exports, government spending and consumer spending. At the same time, inflation in the United States accelerated noticeably in March: the consumer price index rose by 3.3% year-on-year after 2.4% in February, while core CPI stood at 2.6%.
The Federal Reserve in March kept the target range for the federal funds rate at 3.5–3.75%. This meant that U.S. monetary policy remained restrictive, while expectations of a rapid rate cut were postponed. For countries with elevated risk, including Ukraine, this meant the preservation of a relatively high cost of global capital.
The eurozone was in a more difficult position. Its economic growth remained weak, while inflation again rose above the ECB’s target. According to Eurostat’s preliminary estimate, annual inflation in the eurozone in March 2026 stood at 2.5%, while the final estimate later showed 2.6%. In February, the figure was 1.9%, meaning that March brought a noticeable acceleration of price pressure. The main factor was energy, while core inflation remained more moderate.
The European Central Bank in March kept key rates unchanged: the deposit rate at 2.0%, the main refinancing operations rate at 2.15%, and the marginal lending facility rate at 2.40%. For Ukraine, the eurozone remains the most important external economic environment due to trade, financial assistance, EU integration, migration flows and logistics corridors. However, the weak growth rate in Europe limits the potential for a rapid increase in Ukrainian exports.
The United Kingdom also entered 2026 with a combination of moderate growth and an elevated inflation background. In March, the British CPI rose to 3.3% year-on-year after 3.0% in February. The Bank of England kept the Bank Rate at 3.75%, reflecting the regulator’s caution in the face of the risk of a new inflation acceleration. For the European region as a whole, this meant that the cycle of rapid monetary easing had not begun.
“The global economy did not enter a recession in the first quarter of 2026, but it became noticeably more nervous. The United States maintains stable growth, but is facing a new inflation acceleration. The eurozone has a weaker economic impulse and again sees inflation above the target. The United Kingdom also remains in a mode of cautious monetary policy. For Ukraine, this means that the external world does not create a catastrophic background, but also does not provide an easy impulse for recovery. Under such conditions, it is impossible to rely only on external demand,” Urakin noted.
The Chinese economy maintained relatively strong dynamics in the first quarter of 2026. According to the National Bureau of Statistics of China, China’s GDP grew by 5.0% year-on-year in Q1, and by 1.3% quarter-on-quarter. Nominal GDP amounted to about 33.4 trillion yuan. At the same time, inflation remained moderate: CPI rose by 1.0% year-on-year in March, and averaged 0.9% in January-March.
China continued to demonstrate a strong manufacturing base and export potential, but structural problems — weaker domestic demand, the real estate market, debt burden and dependence on external markets — remained important constraints. For Ukraine, China remained a key source of imports, primarily machinery, equipment, electronics and industrial goods.
India retained its status as one of the main drivers of global growth. According to the government’s first advance estimate, India’s real GDP in the 2025/26 fiscal year was expected to grow by 7.4%, while nominal GDP was expected to grow by 8.0%. The main driver remained the services sector, as well as domestic demand and public investment. The Indian economy remained one of the most convincing examples of combining high growth with relatively controlled inflation.
Turkey remained an example of an economy with relatively high business activity, but a very difficult inflationary legacy. According to official TurkStat data, in March 2026 consumer prices rose by 1.94% month-on-month and by 30.87% year-on-year. This was lower than in February, when annual inflation was 31.53%, but still remained an extremely high level. At the same time, the Turkish economy grew by 3.6% in 2025, which indicated the preservation of domestic demand despite inflationary risks.
Brazil looked more balanced among large emerging economies. According to IBGE, Brazil’s GDP in 2025 grew by 2.3%, to 12.7 trillion reais at current prices. Growth was observed in the agricultural sector, industry and the services sector. According to the preliminary IPCA-15 indicator, inflation in March 2026 amounted to 0.44% for the month and 3.90% over the last 12 months. This confirmed that Brazil maintained a relatively controlled inflation background, although its economy also felt the impact of high rates and external uncertainty.
“China, India, Turkey and Brazil show different development models of large emerging economies. China maintains scale and manufacturing strength, but has structural imbalances. India demonstrates the highest dynamics among major economies and relies on domestic demand and the services sector. Turkey is growing, but pays for it with high inflation. Brazil is moving more slowly, but more balanced. For Ukraine, it is important to look at these examples practically: in global competition, those countries win that can simultaneously maintain macro-stability, production, exports and domestic investment demand,” Urakin believes.
Conclusions
As of the end of March 2026, Ukraine maintained macrofinancial manageability, but the first quarter demonstrated the fragility of economic stabilization. Real GDP in Q1 decreased by 0.6% year-on-year, inflation accelerated to 7.9% in March, the key policy rate remained at 15.0%, international reserves declined to about $52.0 billion, and the goods deficit in January-March exceeded $13 billion. The budget remained functional, but its structure was fully subordinated to wartime needs: more than 60% of general fund expenditures were directed to security and defense.
The main risks for Ukraine remained wartime losses, destruction of energy infrastructure, weak exports, labor shortages, high budget dependence on external financing and the structural foreign exchange deficit of the private sector. Positive factors included a significant level of international reserves, the NBU’s controlled policy, continued international support, business adaptability and the state’s ability to fulfill key budget obligations.
The global economy in the first quarter of 2026 remained relatively resilient, but less stable than at the beginning of the year. The IMF forecast global growth of 3.1% in 2026, provided that the conflict in the Middle East remained limited. The United States maintained positive dynamics but faced a new inflationary impulse; the eurozone remained weak in terms of growth rates and again saw inflation above the target; China demonstrated 5% growth; India remained the main driver among large economies; Turkey struggled with high inflation; Brazil maintained moderate, more balanced dynamics.
“March 2026 became a moment for Ukraine to test the real strength of its stabilization model. High reserves, international assistance and the NBU’s controlled policy allow the system to be kept in working condition. But the decline in GDP in the first quarter, accelerating inflation and a large trade deficit show that financial stability alone is not enough. The next stage must be the transition from a survival model to a model of productive recovery. This means investment in energy, the defense-industrial complex, processing, logistics, export production, technologies and human capital. Without this, even significant reserves and external assistance will remain only a safety cushion, not a source of long-term development,” Maksym Urakin concluded.
The monthly analytical and statistical product “Economic Monitoring” is available to clients of Interfax-Ukraine.
Head of the “Economic Monitoring” project, PhD in Economics Maksym Urakin
The political crisis in Romania has deepened after parliament failed to approve the government proposed by Prime Minister Adrian Vestea. The cabinet received 189 votes in favor, falling short of the required minimum of 233, which prevented it from being sworn in and beginning its work.
Following the failed vote, Romanian President Nicușor Dan is expected to hold a new round of consultations with the parties represented in parliament and propose a new candidate for the position of prime minister. This could be either a new politician or a candidate previously discussed, provided the parties can agree on a new majority configuration.
The situation is complicated by the fact that this is the second consecutive failed attempt to form a new government. Previously, candidate Yevhen Tomak withdrew his nomination after failing to secure sufficient support in parliament. Now, the failure of Veshta’s cabinet increases the risk of a protracted political deadlock.
According to Romanian procedures, if two attempts to form a government within the established timeframe do not result in the cabinet’s approval, the president may have grounds to dissolve parliament and call for early elections. Formally, such a scenario is becoming increasingly likely, but politically it remains risky for pro-European parties, as the crisis strengthens the positions of right-wing populist and Euroskeptic forces.
Prolonged political instability in Bucharest could have consequences not only for domestic economic policy but also for regional stability.
Experts at the Experts Club think tank note that the current crisis in Romania reflects a broader trend in Central and Eastern European countries—the fragmentation of party systems, growing distrust of traditional political forces, and the rise of parties that base their campaigns on criticism of Brussels, migration policy, support for Ukraine, and fiscal discipline.
For Ukraine, the situation in Romania is of particular importance. Bucharest remains an important partner for Kyiv in the areas of security, transportation infrastructure, and European integration. Significant volumes of Ukrainian trade pass through Romania, and the Danube region has taken on strategic importance for Ukrainian exports since the start of the full-scale war.
According to an assessment by Experts Club, the baseline scenario for now remains that early elections will not be held, but rather that political parties will attempt to agree on a new, possibly more limited or technical government. The reason is simple: early elections could strengthen parties that are already benefiting from the crisis of confidence in traditional political elites.
At the same time, every new failed attempt to form a government raises the cost of compromise. The longer Romania remains without a fully functioning government, the more difficult it will be to make decisions regarding the budget, reforms, relations with the EU, and economic stabilization.
Romania is already facing a high budget deficit, inflationary pressures, and the need to maintain access to European funding. Under these conditions, a political crisis could increase uncertainty for investors and slow down the implementation of reforms necessary to support macroeconomic stability.
He noted that Romania is entering a period of heightened political turbulence, where the issue of forming a government is directly linked to exchange rate stability, economic policy, and the country’s role in the region.
early elections, EXPERTS CLUB, GOVERNMENT, RISK, ROMANIA, voting
Inflation in the eurozone in May 2026 accelerated to 3.2% year-on-year against 3.0% in April, according to Experts Club. data.
In the European Union as a whole, annual inflation amounted to 3.3%. The highest indicator among all EU countries was recorded in Romania — 9.7%. However, Romania is not part of the eurozone, therefore it is not taken into account in the ranking of the countries of the currency bloc.
Among the eurozone countries, Bulgaria became the anti-leader, where annual inflation in May reached 6.3%. Bulgaria joined the eurozone on January 1, 2026, and became the 21st country of the monetary union.
Second place in the eurozone was taken by Lithuania with inflation of 5.1%, third place — Greece with 5.0%. The lowest indicators among eurozone countries were recorded in Malta — 2.1%, Germany — 2.7%, and France — 2.8%.
Thus, in May two different rankings were formed. For the EU as a whole, the main anti-leader was Romania, which remains outside the eurozone. For the eurozone, Bulgaria became the leader in price growth.
Inflation anti-leaders in the EU in May 2026:
Romania — 9.7%
Bulgaria — 6.3%
Lithuania — 5.1%
Inflation anti-leaders in the eurozone in May 2026:
Bulgaria — 6.3%
Lithuania — 5.1%
Greece — 5.0%
According to the analytical center Experts Club, the difference between the EU ranking and the eurozone ranking is important for the correct interpretation of the data. The eurozone reflects the situation in countries with a single currency and the common monetary policy of the ECB, while the EU also includes countries with national currencies, including Romania, Poland, the Czech Republic, Hungary, Denmark and Sweden.
“Romania cannot be included in the eurozone ranking, but it also cannot be ignored. It is the main inflation anti-leader of the entire EU. For business, this means that inflation risks in Europe differ greatly not only between countries, but also between currency zones. In the eurozone, the most problematic case now is Bulgaria; in the EU as a whole — Romania,” said Maksym Urakin, founder of Experts Club.
The main contribution to eurozone inflation in May came from services, energy carriers, food products, alcohol and tobacco, as well as industrial goods excluding energy. Energy prices rose by 10.9% year-on-year, services became 3.5% more expensive, and food products, alcohol and tobacco — by 2.0%.
In January–May 2026, Ukraine increased its imports of aluminum and aluminum products by 20% compared to the same period last year, reaching $247.912 million.
In May, imports of aluminum and aluminum products amounted to $58.220 million.
At the same time, exports of aluminum and aluminum products in January–May of this year rose by 25.3% compared to the same period last year—to $72.393 million. In May, $18.641 million worth of aluminum was exported.
As reported, Ukraine increased imports of aluminum and aluminum products by 15.3% in 2025 compared to 2024, reaching $514.098 million. Exports of aluminum and aluminum products in 2025 rose by 22.9% to $152.919 million.
Aluminum is widely used as a structural material. The main advantages of aluminum are its lightness, formability, corrosion resistance, high thermal conductivity, and the non-toxicity of its compounds. In particular, these properties have made aluminum extremely popular in the production of cookware, aluminum foil in the food industry, and for packaging. The first three properties have made aluminum the primary raw material in the aviation and aerospace industries (though it has recently been replaced by composite materials, primarily carbon fiber). After construction and packaging production—aluminum cans and foil—the largest consumer of the metal is the energy sector.
For a more detailed overview of global aluminum production from 1970 to 2024, watch the video on the Experts Club YouTube channel.
