New figures released by the Organization for Economic Cooperation and Development on Tuesday showed that Israel devoted more of its GDP to research and development than any other country in 2015.

R&D spending, % GDP: China spending almost = OECD avg, while Israel narrowly reclaims “top spot” See https://t.co/p2Wpc1c5q4 (PDF) #RandD pic.twitter.com/OIM36xy6X0 — OECD Innovation (@OECDinnovation) February 7, 2017

Israel’s share of R&D spending climbed to 4.25 percent of its gross domestic product, while previous leader South Korea’s spending dipped slightly to 4.23 percent. However, South Korea still holds the lead in terms of spending on “basic” research, which the OECD defines as research to obtain new knowledge without an immediately known application. South Korea devotes 0.73 percent of its GDP for that purpose, while Israel rates ninth with 0.39 percent.

The survey showed that governments’ shares of research costs have declined from 31 percent to 27 percent since 2010.

Israel saw a record $3.5 billion in private equity investments in 2016, an increase of about 14 percent over the previous year, Globes reported on Tuesday.

[Photo: Nati Shohat / Flash90 ]