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Newest innovation climate study done by Boston Consulting Group (BCG), the National Association of Manufacturers (NAM), and The Manufacturing Institute (MI), listed 110 countries according to their Innovation Inputs and Innovation Performance score. This Internation Innovation Index is buid from 6 categories: Fiscal & Other policies, Innovation environment, R&D results, Business performance and Public impact of innovation. Link to studySingapore is ranked 1st, U.S.A. 8th, Japan 9th, while European leadinng innovation states: Sweden, U.K., Austria & Germany are 10th,15th,17th and 19th.Central Europe countries are near each other on the list: Hungary, Czech Rep. and Slovenia are on places 31-33 and Slovakia is on 36th place, while Croatia is 48th as the first country with negative score.Link
Innovation Scoreboard for 2008 is published. As stated in this publication, Innovation leaders are: Sweden, Finland, Germany, Denmark and UK. Above EU average are Austria and France and below are Italy, Greece, Spain, Portugal and all "new" members.Fast growers in catching-ip countries are Bulgaria & Romania. Croatia and Lithuania are ranked as slow growers :(It is noted that EU is decreasing it's innovation gap with US and Japan, have a look: link

Once more I will look back to european innovation scoreboard, in the picture you can see the groups of countries depending of their innovation index and the percentage of change in relation to last 4 years.
The 2007 European Innovation Scoreboard (EIS) was published today. Inno-leaders are Sweden, Finland, Germany, UK, USA... Inno-followers include Austria, France, Ireland... Moderate innovators are Czech republic, Italy, Slovenia... And finally catching-up countries Bulgaria, Croatia (!), Greece, Hungary, Poland, Romania, Slovakia...
What's most interesting is to see how it's determined, so here'sthe list of Innovation indicators:
1.1 S&E graduates
1.2 Population w ith tertiary education
1.3 Broadband penetration rate
1.4 Participation in life-long learning
1.5 Youth education attainment level
2.1 Public R&D expenditures
2.2 Business R&D expenditures
2.3 Share of medium-high/high-tech R&D
2.4 Enterprises receiving public funding for innovation
3.1 SMEs innovating in-house
3.2 Innovative SMEs co-operating w ith others
3.3 Innovation expenditures
3.4 Early-stage venture capital
3.5 ICT expenditures
3.6 SMEs using organizational innovation
4.1 Employment in high-tech services
4.2 Exports of high technology products
4.3 Sales of new -to-market products
4.4 Sales of new -to-firm products
4.5 Employment in medium-high/high-tech manufacturing
5.1 EPO patents per million population
5.2 USPTO patents per million population
5.3 Triad patents per million population
5.4 Community trademarks per million population
5.5 Community industrial designs per million population