Canadian businesses achieve record USD30.4B in research, development expenditures
(MENAFN) In 2022, Canadian businesses achieved a record-breaking USD30.4 billion in research and development (R&D) expenditures, according to a report released by Statistics Canada on Thursday. This figure represents a notable increase of 9.4 percent compared to the previous year, underscoring a significant commitment to innovation and technological advancement within the country. The rise in R&D spending highlights the growing importance of research-driven development across various industries.
Preliminary data for 2023 suggests that while R&D spending continued to climb, the growth rate has slowed. The projected total for 2023 is USD31.4 billion, reflecting a 3.4 percent increase, or an additional USD1 billion, from the previous year. This more modest growth rate indicates a potential stabilization in the pace of investment in research and development, though the overall trend remains upward.
Looking ahead to 2024, there is a positive outlook for R&D spending, with businesses expected to increase their investments by USD1.5 billion, or 4.8 percent, bringing the total anticipated expenditure to USD32.9 billion. This forecast reflects ongoing optimism within the business community regarding the value and impact of R&D activities, particularly in sectors such as healthcare and information technology, where innovation is crucial for market advancement.
The report emphasizes that R&D activities are fundamentally knowledge-based, necessitating the involvement of highly educated and skilled professionals. These experts are essential for conducting experiments, managing research projects, providing technical and scientific guidance, and supporting operational efforts. The significant investment in R&D underscores its critical role in fostering new discoveries and improving products and processes, which is vital for maintaining competitive advantage and driving industry progress.
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