Cyprus: R&D Spending More Than Doubled, Still Below EU Average

Cyprus's government spending on Research and Development (R&D) has more than doubled in the last decade, according to Eurostat data.

Specifically, public spending on R&D increased from €61.9 million in 2014 to €145 million in 2024, marking a 134% increase.

Despite the significant increase, Cyprus still lags behind in terms of R&D spending as a percentage of GDP. In 2024, public research funding amounted to 0.43% of GDP, below the European average (0.71%).

In 2024, Cyprus spent an average of €150.1 per capita on public research, compared to €284.7 in the EU.

In the EU, government spending on R&D increased by 3.4% in 2024, reaching €127.9 billion.

More than one-third (35.7%) of the funds were channeled into the general enhancement of knowledge through public university funding.

Source: CNA