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Overall GII Ranking

Slovakia has dropped by one position in terms of innovation potential over the past year.

The Global Innovation Index (GII) ranks world economies according to their innovation potential. A total of 133 world economies were included in the rankings, and in 2024 Slovakia ranked 46th. Compared to the previous year, the Slovak Republic dropped one place.

Innovation Inputs vs. Outputs

• Innovation Inputs : Slovakia is ranked 52nd , which reflects the resources and efforts invested in innovation. This is lower than last year’s 51st position, indicating that input factors like infrastructure, human capital, and research are areas of concern.
• Innovation Outputs : Ranked 44th , Slovakia performs better in translating investments into tangible innovation outcomes such as patents, high-tech exports, and creative goods. This shows that while investment in innovation might be lagging, the country excels in generating results from what it does invest.

Performance by Pillars :

The GII evaluates countries across seven pillars

1. Institutions (63rd) : Slovakia's business environment is particularly weak, ranking 124th in business environment stability , indicating high uncertainty and challenges for businesses to operate effectively.
2. Human Capital and Research (52nd) : Slovakia is struggling here, especially in university-industry collaboration , ranked 101st . Despite this, the country ranks 31st in researchers per million population and 39th in gross R&D expenditure .
3. Infrastructure (47th) : Although Slovakia is improving in areas such as ICT access, it performs below the regional average in Europe. Ecological sustainability (rank 12th) is a standout strength under this pillar, with significant achievements in ISO 14001 environmental certifications.
4. Market Sophistication (68th) : Market sophistication, especially in the areas of venture capital (VC) and gross capital formation , shows major weaknesses. Slovakia ranks 77th in venture capital received as a percentage of GDP , reflecting a limited entrepreneurial investment landscape.
5. Business Sophistication (43rd) : Slovakia ranks well in knowledge workers but lacks strong innovation linkages like public-private research collaboration , which hampers its potential for cross-sector innovation.
6. Knowledge & Technology Outputs (31st) : Slovakia excels in high-tech manufacturing (ranked 6th ) and high-tech exports (ranked 29th ), making these sectors key drivers of innovation.
7. Creative Outputs (58th) : Slovakia has some noteworthy achievements in the export of creative goods (ranked 9th ) and feature films production (15th), highlighting its potential in the creative industries.

 

Top Innovation Strengths

• High-Tech Manufacturing : Slovakia ranks 6th globally in high-tech manufacturing as a percentage of total manufacturing output, highlighting the advanced level of technology in its manufacturing sector.
• Creative Goods Exports : Ranked 9th , Slovakia’s creative goods exports account for a significant share of its trade, indicating a strong presence in sectors such as design, fashion, and media.
• ISO 14001 Certifications : Slovakia is 10th in the world in the number of ISO 14001 environmental management certifications , showcasing its commitment to sustainability.

 

Innovation Weaknesses

• Policy Stability for Doing Business (110th) : Slovakia’s policy environment for businesses is considered unstable, which can deter both domestic and foreign investments. This is one of the country’s major weaknesses, indicating that reforms are needed to improve business confidence.
• University-Industry Collaboration (101st) : Collaboration between academic institutions and industries is lacking, which inhibits the transfer of research into practical, marketable innovations.
• Venture Capital (77th) : Despite a 337.8% increase in VC received between 2022 and 2023, Slovakia still ranks low in terms of venture capital availability relative to GDP.

 

Expected vs. Observed Innovation Performance

Slovakia’s innovation performance relative to its income level is below expectations, meaning it could potentially achieve much more innovation given its GDP per capita. Countries like Slovakia, which perform below the trend line in the GII’s bubble chart, need to boost innovation efforts relative to economic output.