According to Eurostat, Cyprus spends far less on research and development than most other European Union countries, as just 0.85% of the Gross Domestic Product (GDP) or €184.8 mln, went into research activities in 2020.
Although spending slightly more than in pre-coronavirus 2019, compared to €164.4 mln or 0.71% of GDP, the country spent significantly less than the EU average of 2.32% of GDP going into research.
Expenditure on research grew by 12.4% in 2020 compared to 2019. However, the share of Cyprus’ GDP attributable to R&D...
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