In 2023, Business Enterprise Expenditure on R&D in Canada was estimated at approximately 0.73% of GDP. The forecast data from 2024 to 2028 demonstrates a consistent downward trend, with a decline from 0.72% to 0.67%. This indicates a slight reduction in R&D investment relative to GDP, with an average annual decrease of 0.71% over the five-year period. The year-on-year variation highlights a steady contraction, which could suggest potential challenges in sustaining innovation-led growth.

Future trends to watch for:

Impact of global economic conditions on R&D investments.
Government policies and incentives supporting R&D to counteract the downward trend.
Emerging technological advancements and their influence on R&D allocation.