Innovation performance in the EU has improved year on year in spite of the continuing economic crisis, but the innovation divide between Member States is widening.
While the most innovative countries have further improved their performance, others have shown a lack of progress. The overall ranking within the EU remains relatively stable, with Sweden at the top, followed by Germany, Denmark and Finland. Estonia, Lithuania and Latvia are the countries that have most improved since last year. Drivers of innovation growth in the EU include SMEs and the commercialisation of innovations, together with excellent research systems.
However the fall in business and venture capital investment over the years 2008-2012 has negatively influenced innovation performance.