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Hungary R+D spending reaches 1.2% of GDP

Spending on research and development in Hungary reached 1.2% of GDP in 2011, the highest level since 1993, state secretary Zoltán Cséfalvay said at a conference organised by business daily Világgazdaság on Tuesday. Companies accounted for about two-thirds of the HUF 336 billion spent on R+D, Cséfalvay said. Final data is likely to show R+D spending was about the same or a little more in 2012, he added. At least HUF 400 billion of European Union funding available for the 2014-2020 budget period will go to R+D projects, Cséfalvay said.