Singapore's R&D expenditure, expressed as a percentage of GDP, has experienced several fluctuations over the past decade. The value stood at 1.92% in 2013 and showcased modest growth up to 2.17% in 2015, followed by a decline to 1.81% in 2018. The expenditure percentage saw a significant increase in 2020, reaching 2.16%, but has stabilized around 2.02% from 2021 to the present in 2023.

Year-on-year variations indicate notable shifts:

2014 saw an 8.39% increase.
2015 had a 4.43% rise.
A drop of 4.67% in 2016.
2020 experienced the highest increase at 14.75%.
A slight recovery of 4.17% in 2019 compared to preceding years.
Recent years (2022 and 2023) witnessed stabilization with minor increases at approximately 0.035% and 0.028% respectively.

The 5-year CAGR up to 2023 reflects positive growth of 2.2%, while the forecast for the next five years shows a minimal CAGR of 0.01%, anticipating a 0.05% growth rate by 2028.

Future trends to watch:

Potential impacts of government policies encouraging R&D investment.
Technological advancements in industries like biotech, fintech, and manufacturing.
Global economic conditions affecting funding availability.