Greece Boosts R&D Funding Amidst Economic Recovery

State Investment in Research and Development Sees Significant Jump

Athens, Greece – The Greek state is substantially increasing its investment in research and development compared to a decade ago, reflecting a growing recognition of its crucial role in economic revitalization.

R&D Funding Growth Detailed

Recent data reveals that state budget appropriations for research and development have climbed to 0.55% of GDP in 2024, up from 0.44% in 2014. This represents a notable increase of 0.11 percentage points.

In absolute terms, this translates to €1.30 billion allocated in 2024, a substantial rise from €781.56 million in 2014. This marks a 66.66% increase in state funding over the ten-year period.

Greece’s Position in EU R&D Spending

While the increase is significant, Greece still ranks 15th among European Union member-states in terms of the percentage of state budget directed towards R&D spending as a share of GDP.

This trend aligns with a broader European push to prioritize innovation. For instance, in 2022, the European Union collectively invested approximately €330 billion in R&D, with countries like Germany and France leading the way in absolute spending (Eurostat, 2024).

Historical Context of R&D Investment

The increase in R&D funding is particularly significant given Greece’s economic challenges in 2014, a period when such investments were often viewed as discretionary rather than essential for recovery.

Experts argue that a stronger emphasis on R&D is vital for the long-term health and competitiveness of businesses and the overall economy.