In modern conditions development of innovation activity is a determinative of economic development of any state. Therefore revealing of correlation dependence between a parameter describing a level of innovation development (Summary Innovation Index (SII)) and a parameter of economic development (Gross Domestic Product (GDP)) the Latvian Republic is actual. Revealing of the given correlation dependence will allow to forecast rates of economic development of the Latvian Republic (rates of change GDP) depending on rates of growth of innovation activity of the states (rates of change SII), and also will allow to predict the level of SII development necessary for achievement of scheduled GDP growth for the future period of time. The information received as a result of the analysis, will allow to correct in due time an innovation policy of the state, to remove the reasons causing a deviation (rejection) really achieved and forecasted values of parameter SII, and to provide, due to growth of the innovation activity, scheduled level of economic development (GDP).