Polish companies one of the least innovative in Europe

Poland was ranked 25th out of 28 EU countries in terms of innovation in a Transition Report 2014: Innovation in Transition published by the European Bank for Reconstruction and Development. The report presents overview of the economies of 35 countries currently under transition. Polish companies' innovation is at a very low level due to the insufficient R&D expenditures, which amount to 0.9 percent of the GDP, compared with the EU average at 2.0 percent, according to Mattia Romani, director in the EBRD Chief Economist office. The report points that in EU countries, the R&D activities are funded mainly by private companies, whereas in Poland the state is the main source of financing of such undertakings. As a result, the funds might be misplaced and do not meet the needs of companies.