Canadian businesses' research and development hit record $30.4B

By Ovunc Kutlu

ISTANBUL (AA) - Canadian businesses' research and development (R&D) hit a record-high level of $30.4 billion in 2022, the country's statistical agency said in a report on Thursday.

The figure was an increase of 9.4% from 2021, according to the report by Statistics Canada.

The agency said preliminary data for 2023 indicate that R&D spending continued to rise, but at a slower pace with an increase of 3.4%, or $1 billion, to a projected $31.4 billion last year.

For 2024, businesses are optimistic with indications that R&D spending intentions will increase by $1.5 billion, or 4.8%, to reach $32.9 billion.

"R&D plays a crucial role in using discoveries to develop new and improved products and processes to bring to the market, especially in fields like healthcare and information technology," said the report.

The agency said R&D activities are predominantly knowledge-based, as they require highly educated and qualified experts to conduct experiments, manage projects, provide technical and scientific advice, and support operations.