Estimated total expenditure on research and development in 2024 amounted to over 113.5 billion ISK, which is equivalent to 2.48% of gross domestic product (GDP). This is a slight decrease compared with real data from 2023, when the last study was conducted.
Regarding businesses, it should be kept in mind that the figures for 2024 are estimated figures rather than actual figures, as the business survey is conducted every two years. Expenditures at universities increased between years from 0.6% to 0.63% of GDP, and at public institutions from 0.06% to 0.08% of GDP.
Data on expenditure on research and development as a percentage of GDP within the European Economic Area has been updated through 2024. Iceland ranked seventh in 2024, which is similar to previous years.
Statistics Iceland's data collection covers businesses, non-profit organisations, university institutions, and other public institutions. Total expenditure was divided such that expenditure by businesses and non-profits was 80.96 billion ISK, expenditure by university institutions was 29 billion ISK, and total expenditure by other public institutions was nearly 3.6 billion ISK.
A breakdown by type of expenditure is now published for the first time and covers the years 2023 and 2024.
About the data
Data is collected annually from university institutions and other public institutions. Data collection for businesses and non-profit organisations takes place every other year; questions then relate on one hand to the previous year’s expenditures and on the other hand to estimated expenditures for the year in which the list is presented. Figures for 2023 were collected in the second quarter of 2024. Figures on the number of employees in research and development are collected every two years.
Figures for total expenditure as a percentage of gross domestic product are subject to changes in GDP calculations, while figures for previous years may also be updated following subsequent data collections.