European Union expenses surpass USD354B on R&D| MENAFN.COM

Friday, 21 January 2022 08:31 GMT

European Union expenses surpass USD354B on R&D


(MENAFN) According to the European Union statistical office statement on Monday, the bloc consumed €311 billion (USD354.5 billion) for research and development (R&D) activities during last year, dropping by €1 billion from the year before it.

Based on Eurostat, the R&D intensity, spending stake in the GDP stood at 2.3 percent during last year and 2.2 percent two years ago, with the increase coming from a fall in GDP because of the pandemic.

It also mentioned, "R&D is a major driver of innovation, and R&D expenditure and intensity are two of the key indicators used to monitor resources devoted to science and technology worldwide."

The business initiative industry registered as the largest spending field in R&D, amounting for 66 percent of total expenses in the previous year, with the higher education industry (22 percent), the government industry (12 percent), and the private non-profit industry (1 percent) following it.

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