More than 65,000 companies have submitted data from their 2015 financial statements to AJPES; the profitable ones generated a total of EUR 2.11bn in net earnings, up 81% from the year before.

Combining their net losses and net profit, the companies made a combined net profit of EUR 1.64bn or 127% more than in 2014.

The companies substantially improved their operating results, AJPES official Marjan Širaj told reporters on Thursday. "They improved efficiency, productivity and financial indicators."

AJPES has also received annual financial statements from 62,218 sole proprietors and 22,953 annual reports from associations.

"The companies and entrepreneurs who submitted reports increased the number of jobs, incomes, net value added and net combined profit," Širaj said.

The companies increased their combined headcount by 5% to 445,000. Their revenue rose by 4% to EUR 81.78bn and expenditure was up by 3% to EUR 79.67bn.

While the combined revenue generated at home rose by 2%, the revenue generated abroad increased by 8%.

The total value added increased by 6%, with the figure per employee increasing by 1%. EBITDA increased by 6%.

Net profit was reported by 64% of all companies and was 13% higher than in 2014, while net loss dropped by 20%. Loss was reported by 32% of the companies, which employed 15.7% of all employees.

Širaj said that a decisive contribution to the improvement of operating results came from micro businesses, which in 2014 still operated at a combined loss.

Most net profit was reported by companies in manufacturing and trade, maintenance and motor vehicles repair industries with the biggest contribution from the pharmaceutical sector.

Higher combined net profit was also owing to construction companies and real estate firms, which had begun to turn the tide after being still deeply in the red in 2014.

On the other hand, losses for last year were reported by companies supplying electricity, gas and steam due to adverse trends in global prices of these commodities.

Payment default is on decline and the number of insolvent companies and the amount of their dues dropped by 15.3% compared with 2014.

The net earnings of sole proprietors rose by 10% to EUR 361m.

Annual reports for 2015 have also been submitted by 341 co-operatives, which generated EUR 760m in combined revenue and EUR 7.5m in net loss. They employed 3,059 people.