Tel Aviv [Israel], August 24 (ANI/TPS): In 2023, total spending by Israeli businesses on internal R&D was 121.8 billion Shekels (USD 36 billion), and spending on external R&D (purchased by external parties) was 13.3 billion Shekels (USD 3.9 billion).

This, according to the data provided by Israel's Central Bureau of Statistics.

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Also, Israel ranks first among OECD countries in terms of total internal R&D spending in the business sector as a percentage of GDP (6.5 per cent).

In 2023, there was an 11.4 per cent increase in total internal R&D spending at current prices in the business sector.

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At constant prices, there was a decrease of approximately 3 per cent in internal R&D spending in 2023 compared to 2022.

Approximately 5,500 companies engaged in R&D in the business sector in 2023, of which 53.1 per cent belonged to a group of companies and they carried out 82.6 per cent of R&D spending.

Internal R&D spending in companies belonging to a foreign group was approximately 49.3 per cent of total internal R&D spending.

High-tech industries are the main contributors to internal R&D activity - approximately 94 per cent of total business R&D spending.

The driving force of R&D activity is human resources, and this is reflected in a high labour cost component of total internal R&D spending (74.2 per cent).

In 2023, there was no change in the total number of employees in companies engaged in R&D, and especially in the number of R&D employees. In startup companies, there was a sharp decrease in the total number of employees, and the number of R&D employees decreased by about 20 per cent compared to 2022.

The main source of growth in R&D spending in Israel in 2023 was in the computer programming and consulting industry, other services, and information services. (ANI/TPS)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)