Hungary's investment in R&D is paying off
Hungary’s research and development spend came to more than HUF 654 billion (EUR 2bn) in 2018, up 27 percent from a year earlier.
Hungary is fulfilling its commitment to advancing research and development projects across the country
According to MTI, Hungary’s research and development spend came to more than HUF 654 billion (EUR 2bn) in 2018, up 27 percent from a year earlier.
Central Statistical Office (KSH) data also shows that state financing jumped 28.3 percent to HUF 211 billion and accounted for 32.3 percent of total R&D funding compared to 31.8 percent a year earlier.
Businesses played a large part in funding research and development. The business sector spent more than HUF 342 billion on R&D in 2018, up 25.7 percent from a year earlier. It accounted for 52.3 percent of total R&D funding compared to 52.7 percent a year earlier.
KSH figures show that foreign resources came close to HUF 97 billion last year, up 25.9 percent from 2017. The share of foreign resources was unchanged at 14.8 percent. Around 79 percent of foreign funds came from companies.
In 2018, a total of HUF 113 billion was spent on investments related to R&D projects and HUF 536 billion went towards covering R&D costs.
Photo credit: Engineers Journal