InsiderBusinessCyprus ranks 48th out of 95 countries in Bloomberg's Innovation Index

Cyprus ranks 48th out of 95 countries in Bloomberg’s Innovation Index

Bloomberg placed Cyprus in 48th place out of 95 countries in its 2019 Innovation Index.

According to Bloomberg, the annual Index “analyses dozens of criteria using seven metrics, including research and development spending, manufacturing capability and concentration of high-tech public companies.”

With a total score of 52.05, Bloomberg ranks Cyprus 52nd in research and development intensity, 59th in manufacturing value added, 35th in productivity, 30th in high-tech density, 55th in tertiary efficiency, 49th in researcher concentration and 33rd in patent activity.

In the 2018 Index, Cyprus was in 47th place.

With a total score of 87.38 six-time champion, South Korea retained the global crown in the 2019 Bloomberg Innovation Index, with Germany a close second (87.30).

The U.K. fell one spot to 18th and lost out to China (16th) for the first time.

“China’s score reflects a dichotomy in the world’s second-largest economy: it ranked No. 2 in patent activity on the strength of R&D from Huawei Technologies Co. and BOE Technology Group, but still lags behind most innovative alums in overall productivity,” Bloomberg writes.

Israel, was a big winner by jumping five spots to fifth overall.

Ten economies joined the ranking in 2019. The United Arab Emirates made the highest debut in 46th place. Also, among the new entrants are some of the world’s largest emerging economies: India, Mexico, Vietnam and Saudi Arabia.

Of the total list of 95, Bloomberg publishes the top 60 economies.

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