From 2013 to 2017, South Africa's business-financed gross domestic expenditure on R&D as a percentage of GDP exhibited a generally upward trend, peaking at 0.32 in 2017. However, from 2018 onwards, there was a significant and sustained decline, with the value falling sharply from 0.27 in 2018 to 0.13 in 2023. This marked a reduction of 6.7% year-on-year in 2023. The last five years show a CAGR of -13.22%, indicating a consistent downturn. The forecasted data for 2024 to 2028 suggests a continued decline with a forecasted CAGR of -7% over the next five years.

Future trends to watch for include:

Further decline in business-financed R&D expenditure as a percentage of GDP, potentially reaching 0.086 by 2028.
Economic and policy factors influencing corporate investment in R&D, which could either exacerbate or mitigate this downward trend.
Potential government intervention or incentives to encourage R&D investment, which could alter the forecasted trends.