The largest increase (+17,2%) of the last decade Greece succeeded in an indicator of Research and Development (R&D) expenditure for businesses in the country. More specifically, expenditure as a percentage of GDP amounted 2020 to 1,50%, compared to 1.28% in 2019, according to data published by the National Documentation Centre, as the competent National Authority of the Hellenic Statistical System for European statistics on Research, Development and Innovation.

Despite the fact that 2020 was marked by the COVID-19 pandemic and its impact on the economy, the actual size of research and development expenditure increased significantly by 5.8% compared to 2019. More specifically, the expenditure incurred for R&D in Greece was €2.473 billion euros, i.e. increased by 135.8 million euros. In 2020, businesses incurred R&D expenditures of €1.147 billion euros (0.69% of GDP from 0.59%), showing an increase of 6.5% compared to 2019, and continue to have the largest contribution to the R&D expenditure ratio.

The competent Deputy Minister of Development & Investments, Christos Dimas, said that one of the central goals set by the Ministry of Development and Investment was the significant increase, on an annual basis, in the intensity of research and development expenditure.

Despite the difficulties of the effects of the pandemic, the ministry continued reforms unabated. The aim is to increase the intensity of expenditure both in real terms and as a percentage of GDP.

The ministry is optimistic that this upward trend will continue in the coming years.

A very important role in the increase of private research and development expenditure is now played by the new improved tax framework with the super-deductions of research and development expenditure from 130% to 200%, giving impetus to companies already operating in the country to further increase their investments but also attracting significant new investments.

Additional important changes that will further enhance the increase in the intensity of research and development spending

• The reform of the institutional framework of the operation of spin-offs (spin-off companies).
• Actions such as Innovation Clusters, Competence Centres and Technology Transfer Offices, Elevate Greece
• Incentives for angel investors, for the acquisition of stock options
• Changes simplifying procedures for research and innovation
• The new NSRF
• The Recovery Fund
• The emblematic investments such as the first State of Innovation in CHROPEI and Thessintec.