EUROSTATS: Small growth in European R&D investment

(EuropeanTechWire) According to Eurostat's latest figures on research and development (R&D) spending, overall investment in the EU is approaching the 2 per cent mark.

In 2002, R&D expenditure accounted for 1.93 per cent of gross domestic product (GDP) in the 25 member states now comprising the EU, a 0.11 per cent increase since 1998, Eurostat said. At that rate, the Lisbon Agenda's target of spending at least 3 per cent of the GDP on R&D would be achieved in 2045.

Sweden and Finland are still Europe's biggest spenders, investing 4.27 per cent and 3.51 per cent of GDP, respectively. Both countries also received kudos for the fact that their private sectors now account for more than two-thirds of overall R&D spending.

Estonia, Cyprus and Hungary recorded the fastest growth rates over the same five-year period, with each country's R&D spending increasing by more than 11 per cent annually.

Overall, the EU increased R&D spending between 1998 and 2002 by 6.47 per cent, beating out both the US and Japan, where spending grew by 5.83 per cent and 6.16 per cent, respectively.

http://epp.eurostat.cec.eu.int