In 2015, Nordic countries spent approximately NOK 335 billion ($39.95 billion = NOK 8.46 = $1) on R&D, a 3% increase. Iceland’s R&D expenditure grew by 20%, followed by Norway and Sweden, with growth of 12% and 10%, respectively. However, Finland’s R&D expenditure declined by approximately 7%, making the total nominal growth for R&D in the Nordic region 3% from 2014 and 2015. The business sector represented the majority of R&D expenditure growth in Iceland, Sweden and Norway, while Denmark had the highest R&D expenditure from the government and higher education sector. Finland R&D expenditure decreased in all sectors, especially government.

As a percentage of 2015 GDP, R&D in Denmark, Finland, Iceland, Norway and Sweden represented 3.0%, 2.9%, 2.2%, 1.9% and 3.3%, respectively. For Norway, this was a record high, while Finland’s figure was the lowest since 1998. Per capita, Sweden had the greatest R&D expenditure, contributing NOK 14,000 ($1,670) in 2015, with Denmark following at approximately NOK 13,000 ($1,550), and then Finland at NOK 11,100 ($1,323) and Iceland at just below NOK 9,300 ($1,109).

Source: Nordic Institute for Studies in Innovation, Research and Education