According to the Bloomberg’s ranking of the Most Innovative Economies, Lithuania was ranked 32nd outpacing Latvia and Estonia. Estonia was ranked 34th and Latvia 40th

According to the well-known Global Innovation Index by World Intellectual Property Organization (WIPO), Lithuania was ranked 38th in 2015, the lowest among the Baltic States; whereas Latvia was ranked 33rd most innovative country in the world, and Estonia was ranked 23rd.

In total Bloomberg evaluated 200 countries in the world and selected the world’s 50 most innovative economies. South Korea is on the top of the list, followed by Germany (No. 2) and Sweden (No. 3).

For its ranking of the Most Innovative Economies Bloomberg used such factors as R&D intensity, value-added by manufacturing, productivity, high-tech density, efficiency of tertiary education, researcher concentration and patent activity.