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Slovakia: R&D Spendings Low But Increasing

Published: April 22, 2013; 18:42 · (Vindobona)

Compared with other countries, Slovakia’s R&D spendings are little but slowly and steadily they are increasing. Among the countries with the highest growth rates of R&D spendings, Slovakia ranks 5th.

Slovakia: R&D Spendings Low But Increasing / Picture: © Vindobona.org

According to a survey carried out by UniCredit Bank on April 21, the country invests only few assets in Research and Development.

“Even though Slovakia has been significantly falling behind the EU average in the intensity of research and development, it has been reporting one of the highest levels of growth in this sphere over recent years,” reads the survey.

Between 2005 and 2011, expenses on R&D have increased around 9.7 % measured by a share of GDP. In total, Slovakia invests around 0.68 % of its GDP in R&D. Countries with higher growth rates than Slovakia are Estonia (up by 18.6 %), Portugal (11.6 %), Slovenia (11.2 %) and Poland (10.1 %).

Analysts of Unicredit explain that Slovakia’s level of R&D funding has been low due to the economic developments in the past decade. Foreign investments were made for the most part in the manufacturing industry. “Investments in research and development came only when the foreign investor was fully established in the country,” states the survey, adding that the government should commence to support investments that enhance innovation. The bank considers this as one of the key preconditions for the sustaining of Slovakia’s economic competitiveness.

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