The major role of entrepreneurship in supporting the development of national economies and creating jobs has increased the interest of academics to examine the factors that influence entrepreneurial activity. Thus, the objective of our research is to examine the impact of some economic factors on the level of entrepreneurial activity in five countries in Central and Eastern Europe (Croatia, Hungary, Latvia, Romania and Slovenia) for the period 2002-2014. Our research is based on the data provided by the Global Entrepreneurship Monitor (GEM) and by the World Bank. In the econometric model, we considered as the dependent variable total entrepreneurial activity rate, and as independent variables we examined seven indicators (GDP per capita, unemployment, total tax rate, domestic credit to the private sector by banks, fear of failure, cost of business start-up procedures and time required to start a business), which may influence the level of entrepreneurial activity in the countries included in the analysis. The results of the empirical analysis show that unemployment, total tax rate, domestic credit to private sector by banks and time required to start a business are the main determinants of total entrepreneurial activity in the five countries included in the analysis, in line with our expectations, but also with the results of other empirical studies. Overall, the results of our study may be of interest for the policy makers, both at European and national level, in the context of the Europe 2020 Strategy, in order to adopt appropriate measures to promote and support entrepreneurship.