R&D expenditure and economic growth: EU28 evidence for the period 2002–2012

摘要

In this paper, we investigate the influence of R&D expenditure oneconomic growth in the EU28 during the period of 2002–2012. For thispurpose, we constructed a multiple regression model, which showedthat, ceteris paribus, an increase in R&D expenditure as a percentageof GDP by 1% would cause an increase of real GDP growth rate by2.2%. This model takes into consideration actual financial crises andemphasises the negative influence of fertility rate in the EU28 oneconomic growth. We believe that the achieved research results canbe beneficial to the economic policy makers in the innovation anddemographic areas.