Tel Aviv, Aug. 24 -- 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.

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.

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 i...