Research and development (R&D) expenditures continued to grow significantly in 2023, reaching over 114 billion ISK. Since 2018, expenditures have doubled, primarily driven by increased corporate investments in R&D, which have more than doubled over five years. Public support appears to have had a stimulating effect, as grants for innovation companies tripled from 2018 to 2023.

Iceland: Growth and economic transformation, a recent article, published on The Business Report (TBR) website, explores Iceland's progress in innovation, among other topics, highlighting the key focus areas of Rannís in fostering innovation.

The Board of The Icelandic Research Fund has completed the allocation of grants for new research projects for 2025. A total of 381 valid applications were received by the Research Fund, 64 of which were funded, or almost 17%.

The Office of Rannís and the Erasmus+ National Agency is closed during the holidays from December 23. The office will open again on January 2.