In the latest index Latvia has moved up one position from last year's 34th spot.
Estonia has also climbed one position from last year to 23rd place and Lithuania has taken the 38th position, also one notch higher than last year.
Latvia also ranked as the 22nd most innovative country in the European region.
The top three countries in the index are Switzerland, the UK and Sweden.
This year, Latvia was ranked 30th by innovation output, 34th by innovation input and 26th by innovation efficiency ratio.
The Global Innovation Index (GII) 2015 covers 141 economies around the world and uses 79 indicators across a range of themes: patents, computer software, market and business development, infrastructure, research and technology, human capital and institutional frameworks.
