In 2015, Denmark spent 59.976 billion kroner on research and development – about 1.7 billion more than in 2014 and the third highest among the OECD countries in the EU.

According to Danmarks Statistik reported by videnskab.dk, the amount corresponds to 2.96 percent of Denmark’s gross domestic product (GDP) and includes all research efforts carried out in the country, both by public institutions and private sector.

The government helped fund projects worth 21.6 billion kroner (1.07 percent of GDP), while private companies invested 38.3 billion kroner.

Only Sweden and Austria invest more in innovation among the OECD countries in the EU..

READ MORE: Business investment in R&D in Denmark stagnating

In 2000, the EU agreed to increase national R&D expenditure to 3 percent of GDP by 2010 in order to become “the most competitive and dynamic knowledge-based economy in the world”.

This target has also been included in the Europe 2020 Strategy, which features specific objectives for education, employment, climate change and fighting poverty and social exclusion.

In 2014, South Korea and Japan topped the R&D expenditure rankings outside Europe with 4.15 and 3.59 percent of their GDPs invested into the sector respectively.