From 2013 to 2023, Belgium's business-financed gross domestic R&D expenditure showed a consistent upward trend, increasing from 1.41% to 2.42% of GDP. The year-on-year growth peaked at 9.03% in 2019 but moderated in subsequent years, stabilizing around 4.43% in 2023. The CAGR over the last five years averaged at 5.35%. Looking ahead, forecasts predict a steady increase, with a projected rise to 2.91% of GDP by 2028 and a forecasted 5-year CAGR of 2.93%, translating to a 15.54% growth over this period.
Future trends to watch for include shifts in global technological advancements, Belgium’s investment in emerging sectors such as AI and biotechnology, and government policies aimed at fostering innovation. These factors could potentially accelerate R&D spending beyond current forecasts.
