EU spent $387B on research and development in 2021

ISTANBUL

The EU's research and development (R&D) expenditures in 2021 totaled €328 billion ($387 billion), up 6% on a yearly basis, Eurostat said on Tuesday.

The R&D's share of the union's overall GDP last year was 2.27%, down from 2.31% in 2020, the 27-member bloc's statistical bureau said.

The EUR/USD exchange rate last year was 1.18.

"R&D is a major driver of innovation, and R&D expenditure and intensity are two of the key indicators used to monitor resources devoted to science and technology worldwide," it added.