European companies invested significantly more money in research and development (R&D) in 2023. Expenditure rose by 9.8% in nominal terms, while it only increased by 5.9% in the USA and 9.6% in China. This is according to the latest Industrial R&D Investment Scoreboard, which the Commission publishes annually. Adjusted for inflation, however, the figures look different. The real growth in R&D expenditure was strongest in China in percentage terms and the percentage growth in the US is only just behind that in the EU.