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Research and development expenditure in Iceland as a share of Gross Domestic Product is relatively high compared to other countries. This share was almost 2,7% in 2007, accordin to a survey conducted by Rannis.

The R&D expenditure was about 35,1 billion ISK that year. Iceland ranks 6^th of the OECD countries on this indicator. The business sector accounts for about 55% of R&D expenditure, but the public sector, including higher education institutions, accounts for about 43%. Of the business sector R&D expenditure, the public sector only finances 5% which could be considered too low, even though it has been increasing in recent years.

Here is a link to the pdf edition of the booklet Research and development in Iceland 2009.