Economy category powered by

Cyprus’ R&D budget increase way above EU average in 2023

The Cyprus government’s allocated budget for research and development (R&D) rose by 19.8% in 2023 compared with 2022, which was way above the EU average of 5.3%, according to Eurostat.

In 2023, total government budget allocations for R&D across the EU stood at €123,684 billion, equivalent to 0.73% of GDP, marking a 5.3% increase compared with 2022 (€117,424 billion) and a 54.8% increase compared with 2013 (€79,886 million).

In Cyprus, the allocated R&D budget for 2023 totalled €138,024 million, corresponding to 0.46% of the country’s GDP. The amount increased by 19.8% compared to 2022 (€115,225 million) and by 128.9% compared to 2013 (€60,297 million).

In 2023, government budget allocations for R&D at EU level stood at €275.6 per person, a 53.3% increase compared with 2013 (€181.0 per person).

In Cyprus, this rate stood at €149.9 per person, an increase of 114.4% compared to 2013 (€69.6 per person).

The highest allocations were recorded in Luxembourg (€646.6 per person), followed by Denmark (€552.4) and Germany (€529.3).

On the other hand, the EU countries with the lowest R&D budget allocations were Romania (€21.2 per person), Bulgaria (€33.1) and Hungary (€48.1).

Between 2013 and 2023, almost all EU governments increased their budget allocations for R&D in terms of euros per person.

The largest percentage increases were recorded in Latvia (+291% from €16.0 euros per person in 2013 to €62.6 in 2023), Poland (+147% from €37.8 to €93.3) and Bulgaria (+133% from €14.2 to €33.1). Hungary was the only EU country to register a decrease (-28% from €66.9 to €48.1).

The biggest share of the 2023 government budget allocations for R&D in the EU, namely 35.5%, was directed to the general advancement of knowledge, primarily financed by a public block grant known as public general university funds (GUF), which many public higher education institutions receive to support all their activities. Additionally, 17.3% of the GBARD was dedicated to the general advancement of knowledge from other sources than GUF, followed by 11.0% for industrial production and technology, 6.9% for health and 6.0% for exploration and exploitation of space.

In Cyprus, the largest percentage (65.5%) was directed to the general advancement of knowledge with funds from sources other than GUF, 21.4% focused on the general advancement of knowledge, primarily financed by public general university funds, 5.4% went to health, 5.0% to agriculture, and 1.6% to education.

Read More

Cyprus’ job vacancy rate remains at 3.0% in Q2 2024
Public sector employment in Cyprus up 3.3% in Q2
The scale of economy exceeds current demographic potential, Labour Minister says
Upgrading maritime education of primary importance, Deputy Minister says
President Christodoulides sees progress in GSI talks and interest from other countries
January-August 2024: Highest passenger traffic ever recorded in Cypriot airports
Israel's Energy Minister Eli Cohen emphasises GSI project's importance to country
Michalis Panayides: Acquisitions and mergers are a new trend in the supermarket industry
Government employment up 3.9% in January-August 2024
The local business sectors with the highest unemployment