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A view of Singapore skyline chenisyuan/Wikimedia Commons

Singapore is the third most innovative economy in the world, according to the 2018 Bloomberg Innovation Index released on Tuesday.

Singapore jumped ahead of European economies Germany, Switzerland, and Finland into third place for tertiary efficiency.

Tertiary efficiency involves a study into the total enrollment of the population that had a tertiary education, together with the percentage of the labor force which had a degree, and the ratio of new science and engineering graduates against the total number of graduates and a share of the labor force.

The U.S. dropped out of the top 10 in the 2018 Bloomberg Innovation Index for the first time in the six years the gauge has been compiled. South Korea and Sweden retained their No. 1 and No. 2 rankings, Bloomberg report said.

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The ranking began with over 200 economies, from which those that didn't report data for at least six of seven categories measured were eliminated, trimming the list to 80.

Bloomberg, which scores economies using factors including research and development spending and the concentration of high-tech public companies, released overall and category scores for the top 50 innovative economies.

Japan, one of three Asian nations in the top 10, rose one slot to No. 6. France moved up to ninth from 11th, joining five other European economies in the top tier. Israel rounded out this group and was the only country to beat South Korea in the R&D category, according to the report.

The biggest losers were New Zealand and Ukraine, which each dropped four places.