Economic environment has a considerable effect on business activity in any country, and the recent fast macroeconomic development pace in the new EU member states claims detailed analysis concerning the influence on business activity indicators. The paper is devoted to the estimation of relationships between overall macroeco-nomic development and business activity in the Baltic States. The empiric research of the application of econo-metric methods indicates that the business activity is influences by a composite of factors. The impact of individ-ual macroeconomic factors, as real GDP growth rate, inflation, labour productivity, is examined and estimated. Business activity and business demography behaviour equations can be integrated in macroeconomic models, in-cluding multisectoral macroeconomic models. Detailed estimation and evaluation of existing relationships be-tween indicators provide valuable information for entrepreneurs, managers, potential investors, government and other institutions to make optimal decisions.