ANALYSIS OF THE PRIVATE AND PUBLIC R&D EXPENDTURES IMPACT ON THE ECONOMICS GROWTH OF DEVELOPED EUROPEAN UNION COUNTRIES

This article analyzes the impact of public and private R&D expenditures on the level of economic growth of the EU countries with different levels of innovation development, such as innovation leaders (Germany, Finland), innovation followers (France, Estonia) and moderate innovators (Spain, Portugal and Poland), which were determined according Innovation Union Scoreboard. A special attention is paid to the aspects of financial resources in the context of their different sources (private and public). The article offers a regression analysis to determine how the change of funding influences the level of economic development. The analysis has allowed to find the dependence of economic growth (GDP) from many factors which impact on this change and estimate their impact quantitatively.