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Slovakia’s investments in research and development are low, but growing

Slovakia invests little in research and development when compared to other countries. Yet, the situation is gradually improving, according to a survey carried out by the UniCredit Bank on April 21.

Slovakia invests little in research and development when compared to other countries. Yet, the situation is gradually improving, according to a survey carried out by the UniCredit Bank on April 21.

“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, as quoted in the TASR newswire.

During 2005-2011, expenditures on research and development expressed as a share of GDP grew by around 9.7 percent on average in Slovakia. Overall, the country invests about 0.68 percent of its GDP in research and development.

Countries reporting higher levels of growth than Slovakia were Estonia (up by 18.6 percent), Portugal (11.6 percent), Slovenia (11.2 percent) and Poland (10.1 percent).

UniCredit Bank analysts said that Slovakia’s low level of research and development is a consequence of developments during the past decade, when foreign investments flowed into Slovakia especially in the sphere of manufacturing.

“Investments in research and development came only when the foreign investor was fully established in the country,” states the survey, as quoted by TASR, adding that the government should favour investments that create innovation. The bank views this as one of the key preconditions for sustaining Slovakia’s economic competitiveness.

Source: TASR

Compiled by Radka Minarechová from press reports

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