Research and development expenditure

This metric shows gross R&D spending by sector from 2001 to 2022, using nominal values. It indicates that the business sector has the highest nominal expenditure on R&D, followed by the higher education, government and private non-profit sectors. The data shows a consistent increase in nominal R&D expenditures across all sectors, with the business sector experiencing the most significant growth. Its spending has quadrupled from approximately $5,000 million in 2001 to over $20,00 million in 2022. The higher education sectors R&D spending also saw a substantial rise, from about $2,800 million to roughly $13,000 million. Meanwhile, the government and private non-profit sectors have witnessed modest increases in R&D expenditures during the same period.

The chart shows the R&D expenditure intensity across six leading industries, measured as a percentage of Gross Value Added (GVA), from 2006 to 2022. It shows that the manufacturing sector has maintained a consistently stable lead in R&D expenditure intensity. However, the Professional, scientific, and technical services sector has seen a significant rise, eventually surpassing manufacturing around 2020. Over the last decade, the Professional, scientific, and technical services sector experienced the most substantial growth in R&D expenditure intensity, climbing from 3.05% in 2011 to 4.22% in 2022. Meanwhile, the R&D expenditure intensity for the Financial and insurance services, Information media and telecommunications, and Wholesale trade industries has remained stable at 1.9%, 1.5%, and 1.09%, respectively. R&D expenditure intensity also saw a modest increase in Other Service industry.