South African national survey of research and experimental development: business at a glance, 2022/2023. Fact sheet 61

Research and experimental development in developed countries relies heavily on business to invest in R&D which increases economic growth through innovation and competitiveness in the product market. In South Africa, business is crucial to research and experimental development both as a performer and as a financer, with the sector providing most of its own R&D funding in 2022/23 (75.3%). Government support accounted for just over 16% of R&D funding in the business sector in 2022/23.