Bulgaria Spends 11% More Money on R&D 2009

Business | October 29, 2010, Friday // 16:11
Bulgaria: Bulgaria Spends 11% More Money on R&D 2009 National Statistical Institute. Photo by BGNES

A total of BGN 361.1 M have been spent on research and development in Bulgaria 2009, the National Statistical Institute (NSI) reports.

This means a 10.8% increase in Bulgaria's R&D spending in comparison to 2008.

R&D spending, calculated as a percentage of GDP, is one of the key criteria for the EU counties' progress on the Europe 2020 strategy. The long-term target is 3%.

In Bulgaria, money spent for research and development is 0.53% of the GDP, as estimated for 2009. This solidifies the consistent trend of increasing the spending since 2005 when it was 0.46%.

However, in 2008 Bulgaria still had the second lowest percentage of GDP (0,49%) spent on R&D of all 27 countries in EU – after Slovakia, which had 0.47%.

The largest share of money spent on R&D in Bulgaria– 66% (BGN 199.5 M) - goes for the Government sector, followed by the Enterprise sector with BGN 108.2 M. The Higher Education sector received BGN 50.2 M, which is a 4.4% increase year on year.

Bulgaria's R&D activities are financed by the state budget, the private business and by foreign investors, with the Government being the main investor with 60.5%.

A total of 18 230 people are currently employed in the Bulgarian R&D sector, which is a 5.9% increase in comparison to 2008, according to NSI.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Business » Be a reporter: Write and send your article
Tags: Bulgaria, R&D, research and development, EU, statistics
Expats.bg All Are Welcome! Join Now!
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria