The economic impact and the dynamics of the innovative process in Romania compared to the European Union

The economic impact of the innovative process has been extensively studied by numerous researchers and specialists because innovation is a fundamental element of the economic and social progress and it is the tool to address today's global challenges in multiple fields, and at the level of organizations is one of the key factors that ensure the increase of their productivity, efficiency and effectiveness. In Romania, the innovative process is declining or experiences an oscillating development, and compared to the European Union member states; there is a large discrepancy in a number of indicators. In order to have a clearer picture of the innovative process in Romania compared to the European Union, in this paper we have analyzed the data provided by the European Commission grouped in a series of indicators that reflect the economic impact and the dynamics of the innovative process in the period 2008-2015 to be found in the European Innovation Scoreboard for the year 2016.