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Over the last years attention to factors of economic regained its topicality due to worldwide financial crisis. There is no unanimously approved theory to explain why one group countries develop faster than other. This monograph analyses innovations and fixed investments as driving forces of economic growth and their impact on development by sector in all European Union member states in the period of 2000 2010. The main researched subjects are: innovativeness of European Union member countries, fixed investments and variations in their structure. Existence of consistent patterns is to be clarified. The monograph tackles revealing relationships between innovativeness and fixed investments and their impact on economic growth by structure. The results of the work help to presume the character of impact of innovations and fixed investments, its constituents on particular economic sectors in order to formulate innovation and fixed investment stimulation policies for specific economic sectors (state programs, objective projects; objective support for business and other). The monograph suits for readers interested in economic growth, development, innovation and investment studies.