Cyprus boosts R&D Funding by nearly 20%, spending €138M in 2023

Cyprus significantly boosted its investment in research and development (R&D) in 2023, with government budget allocations rising by 19.8% compared to the previous year, according to new data from Eurostat. This increase is notably higher than the average 5.3% rise observed across the European Union during the same period.

The total government expenditure on R&D in Cyprus for 2023 reached €138.024 million, equating to 0.46% of the nation’s GDP. This marks a substantial increase from the €115.225 million allocated in 2022 and a dramatic 128.9% rise from the €60.297 million reported in 2013.

In contrast, the EU’s overall R&D budget in 2023 stood at €123.684 billion, or 0.73% of GDP, reflecting a 5.3% increase from €117.424 billion in 2022 and a 54.8% increase from €79.886 billion in 2013. On a per capita basis, EU government R&D spending was €275.60 per person in 2023, up 53.3% from €181.00 in 2013.

Cyprus' per capita R&D expenditure also saw significant growth, reaching €149.90 per person in 2023, a 114.4% increase from €69.60 in 2013. This places Cyprus well above the EU average, though still behind leading nations like Luxembourg (€646.60 per person), Denmark (€552.40), and Germany (€529.30). Conversely, countries like Romania (€21.20), Bulgaria (€33.10), and Hungary (€48.10) reported the lowest R&D allocations per person.

The majority of Cyprus' R&D budget was allocated to the general advancement of knowledge, with 65.5% of the funds directed towards this area from sources other than public general university funds. Additionally, 21.4% was dedicated to similar advancements funded by public university grants, 5.4% was allocated to health-related research, 5.0% to agriculture, and 1.6% to education.

In the broader EU context, the largest share of R&D funding was used for general knowledge advancement (35.5%), followed by industrial production and technology (11.0%), health (6.9%), and space exploration (6.0%).

This sharp increase in Cyprus' R&D budget underscores the country’s commitment to enhancing its innovation capabilities and competitiveness, marking a significant stride towards bolstering its position in the global research landscape.