Ottawa [Canada], December 23: Canada's overall research and development (R&D) expenditures in 2021 reached 46.9 billion Canadian dollars (35.4 billion U.S. dollars), up 9.3 percent from 2020, the largest annual growth the country has seen, Statistics Canada said on Friday.
Canada's R&D intensity, the nominal share of gross R&D expenditures as a percentage of gross domestic product, decreased to 1.86 in 2021, down from the 1.93 ratio recorded in 2020 despite increased spending, the national statistical agency said, noting that the Canadian economy accelerated at a faster pace than R&D spending. Compared with other member countries, Canada continued to rank below the G7 average in 2021. Within the Organization for Economic Cooperation and Development (OECD), Canada fell two spots to 19th position, the agency added.
Early estimates show that national R&D expenditures increased in 2022, albeit at a slower pace, to 48.2 billion Canadian dollars (36.3 billion U.S. dollars). The business enterprise sector will have driven this growth, the agency said.
In 2023, R&D spending is anticipated to increase to 49.1 billion Canadian dollars (37 billion U.S. dollars), it noted.
Source: Xinhua