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ISA: Expenditure on research and development in the Slovak Republic lags behind the EU average

by AI | 12.Dec 2024 | Europe in brief AI

The Institute for Strategy and Analysis pointed out the low expenditures of the Slovak Republic on science and research,

Institute for Strategy and Analysis (ISA) pointed out that SR lags behind the average in spending on science and research. Photo: TASR

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Bratislava – Expenditure on research and development in Slovakia increased last year to 1.04% of gross domestic product (GDP), but it still remains below the European average. The average of the member states of the European Union (EU) reaches 2.25% GDP, which ranks Slovakia in 21st place. This stems from the current weekly economic overview of the Institute for Strategy and Analysis (ISA), which is based on statistical data from Eurostat, informs TASR.

“The EU’s ambition is to invest at least 3% of GDP in science and research, two-thirds of which from the private sector. Only five countries meet this goal. Slovakia has set a goal to achieve 2% of GDP by 2030, currently achieving 52%,” explained the institute, according to which Slovakia lags particularly in the share of business sector expenditures, representing 0.6% of GDP, while the European average is around 1.2%.

Sweden (3.6%) and Belgium (3.3%) were expected to spend the most out of GDP on science and research last year, while Romania invested the smallest share of GDP at 0.5% in this area.

The share of expenditure on science and research increased from 2013 to 2023 in 20 EU member states, including Slovakia, where it grew from 0.82% to the current 1.4%, the institute added. The biggest growth over the ten-year period was expected to be achieved by Belgium and Poland.

“The European Commission emphasizes that investments in research and development strengthen competitiveness and are important for a resilient and sustainable economy,” ISA reminded at the end of its report. (December 12)

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