Ireland ranks high in Global Innovation Index

Ireland ranks high in Global Innovation Index

Ireland has been named the seventh most innovative economy in the world.

The Global Innovation Index 2016 see Switzerland holding on to the top spot, with war-torn Yemen propping up the bottom of the list.

Ireland's improved placing was helped by a top ranking for Royalty and Licence fee payments into the economy, which can reflect the fact multinationals such as Apple and Facebook hold intellectual property assets in the country despite the fact they have been developed elsewhere.

Ireland did, however, also rank number one when it comes to high levels of foreign direct investment as a share of the economy, as well as for exports of computer services.

It scored poorly when it came to capital investment and was deemed 'weak' when it comes to exports of cultural and creative services.

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