innovation, research and development (R&D), MOORA (Multi-Objective Optimization on the basis of Ratio Analysis) method, composite index, European Union (EU) countries


In a high-tech society, the main factor of economic development are activities related to research and development (R&D). The purpose of the paper is to rank all 27 countries of the European Union (EU) according to selected indicators of innovation potential. The author singled out five relevant indicators from the Eurostat database (section related to innovation) in the assessment of the conditions for innovation development in the EU using the MOORA (Multi-Objective Optimization on the basis of Ratio Analysis) method. Based on the conducted multi-criteria analysis, the author concludes that Germany, Sweden, France and the Netherlands have the best innovation performance, so that these countries are the closest to achieving the goals of a highly competitive economy and sustainable economic development. On the other hand, Romania, Cyprus, Slovakia and Croatia show the weakest innovation potential, followed by other newer EU members.

Author Biography

Milan Marković, University of Niš, Innovation Centre of the University of Niš

PhD in Economics


Baesu, V., Albulescu, C. T., Farkas, Z. B., & Drăghici, A. (2015). Determinants of the high-tech sector innovation performance in the European Union: a review. Procedia Technology, 19, 371-378. doi: https://doi.org/10.1016/j.protcy.2015.02.053

Brauers, W. K., & Zavadskas, E. K. (2006). The MOORA method and its application to privatization in a transition economy. Control and cybernetics, 35(2), 445-469.

Denoncourt, J. (2020). Companies and UN 2030 sustainable development goal 9 industry, innovation and infrastructure. Journal of Corporate law studies, 20(1), 199-235. doi: https://doi.org/10.1080/14735970.2019.1652027

European innovation scoreboard (2021). Accessed 29 July, 2022 https://ec.europa.eu/info/research-and-innovation/statistics/performance-indicators/european-innovation-scoreboard_en#european-innovation-scoreboard-2021

Eurostat (2022). Accessed July 14, 2022 https://ec.europa.eu/eurostat/data/database

Gadakh, V. S., Shinde, V. B., & Khemnar, N. S. (2013). Optimization of welding process parameters using MOORA method. The International Journal of Advanced Manufacturing Technology, 69(9), 2031-2039. doi: https://doi.org/10.1007/s00170-013-5188-2

Herman, E. (2018, May). Innovation and entrepreneurship for competitiveness in the EU: an empirical analysis. In Proceedings of the International Conference on Business Excellence (Vol. 12, No. 1, pp. 425-435). doi: 10.2478/picbe-2018-0038

Hollanders, H., & Arundel, A. (2007). Differences in socio-economic conditions and regulatory environment: explaining variations in national innovation performance and policy implications. Inno Metrics. The Netherlands: Maastricht Economic and Social Research and Training Centre on Innovation and Technology, Maastricht University.

Janjić, I., Jovanović, M., & Simonović, Z. (2021). The importance of research and development for innovative activity: The overview of the top countries in Europe and worldwide. Economics of Sustainable Development, 5(2), 19-28. doi: https://doi.org/10.5937/ESD2102019J

Kaynak, S., Altuntas, S., & Dereli, T. (2017). Comparing the innovation performance of EU candidate countries: an entropy-based TOPSIS approach. Economic research-Ekonomska istraživanja, 30(1), 31-54. doi: https://doi.org/10.1080/1331677X.2016.1265895

Madić, M., Radovanović, M., & Petković, D. (2015). Non-conventional machining processes selection using multi-objective optimization on the basis of ratio analysis method. Journal of Engineering Science and Technology, 10(11), 1441-1452.

Maier, D. (2018). The Romanian national innovation performance in the EU context. International Journal of Advanced Engineering and Management Research, 3(6), 123-131.

Marjanović, I., Rađenović, Ž., & Marković, M. (2019). EU Members multi-criteria ranking according to selected travel industry indicators. In (Ed): Bevanda, V., & Štetić, S., 4th International thematic monograph: Modern management tools and economy of tourism sector in present era. Association of Economists and Managers of the Balkans in cooperation with the Faculty of Tourism and Hospitality, Ohrid, North Macedonia, pp. 639–654. doi: https://doi.org/10.31410/tmt.2019.639

Paas, T., & Poltimäe, H. (2010). A comparative analysis of national innovation performance: The Baltic States in the EU context. University of Tartu Faculty of Economics and Business Administration Working Paper, 78.

Roszko-Wójtowicz, E., & Białek, J. (2016). A multivariate approach in measuring innovation performance. Zbornik radova Ekonomskog fakulteta u Rijeci: Časopis za ekonomsku teoriju i praksu, 34(2), 443-479. doi: http://dx.doi.org/10.18045/zbefri.2016.2.443

SDG 9 - Industry, innovation and infrastructure (2022). Accessed July 31, 2022 https://ec.europa.eu/eurostat/statistics-explained/index.php?title=SDG_9_-_Industry,_innovation_and_infrastructure

United Nations Development Programme (2022). Accessed August 2, 2022 https://www.undp.org/sustainable-development-goals




How to Cite

Marković, M. (2022). RANKING OF EU COUNTRIES ACCORDING TO INNOVATION POTENTIAL. Annals of Spiru Haret University. Economic Series, 22(3). https://doi.org/10.26458/2232