It has also maintained its eighth position in global rankings.

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A corner of Singapore. (Photo for illustration)

The annual index - released by the World Intellectual Property Organisation, Cornell University and Insead - ranks 131 economies according to their capacity for, and success in, innovation.

The ranking is based on 80 indicators, including mobile application creation and the ease of starting a business.

Globally, Singapore topped the list for innovation inputs - as measured by indicators such as the quality of human capital and research, political stability as well as market sophistication.

However, it fell behind to 15th place for innovation outputs, which take into consideration the quantity of patents and intellectual property receipts produced, as well as creative outputs such as trademarks, national feature films and online content creation.

Source: VNA