In 2023, the Gross Domestic Expenditure on R&D (GERD) in South Africa stood at 0.61% of GDP. The forecasted data from 2024 to 2028 indicates a slight decrease, with values predominantly remaining stable at 0.59% of GDP until 2027, and then dipping marginally to 0.58% in 2028. This suggests a cautious but slightly contracting trend in R&D expenditure relative to the GDP over the upcoming years.
Variation:
- Year-on-year variation from 2023 to 2024 shows a decrease of approximately 3.28%.
- Stability ensues from 2024 to 2027, with 0% variation each year.
- A slight further decrease of 1.69% from 2027 to 2028.
- The Compound Annual Growth Rate (CAGR) from 2023 to 2028 is approximately -1.03%.
Future trends to watch for:
- Potential shifts in government policy that could impact funding allocations towards R&D.
- Private sector investments and global economic conditions, which might influence R&D prioritization.
- Technological advancements and industry developments that may necessitate increased R&D expenditures.
- Efforts to transition to a knowledge-based economy could alter future R&D spending patterns.
