Research and development have had a high priority in Sweden in recent decades. Sweden is one of the countries investing the largest percentage of its Gross Domestic Product in R&D. The high standard of Swedish research is internationally recognised. Independent evaluations consistently give high marks to Swedish researchers and show that Swedish research pursued as part of European Union common programs is of high scientific quality.

On average, Swedish R&D expenditure totals about 4% of GDP (equal to approx 108 billion SEK), putting the country number one among the countries of the Organisation for Economic Cooperation and Development (OECD) in terms of R&D investments as a percentage of GDP. The business sector accounts for 74% of R&D expenditure, the higher education sector 21%, other public sector institutions and the private non-profit sector the remaining 5%.

Nobel Prize

The Nobel Prize is an award given yearly since 1901 for achievements in physics, chemistry, medicine, literature and for peace. In 1968, the Bank of Sweden instituted the Prize in Economic Sciences in Memory of Alfred Nobel, founder of the Nobel Prize. They receive their awards on December 10, the anniversary of Nobel's death. Further information about the Nobel Prize.

© www.imagebank.sweden.se Photographer Henrik Montgomery.