R&D spending lifts as businesses look to tap new markets

(Image: Depositphotos)

Fri, 26 Apr 2024

Statistics New Zealand said on Friday that business-sector expenditure on research and development increased by 17% between 2022 and 2023 to $3.7 billion. It was the largest annual increase since 2018. The main reason businesses did R&D was to tap into new markets. The services industries led the increase, where R&D expenditure grew $331 million, or 15%.These industries include computer services, wholesale trade, and scientific research. Of the 13 industries in the Stats NZ R&D survey, 12 had higher expenditure than 2...

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