A second source for private sector expenditure on R&D is the “EU Industrial R&D Investment Scoreboard”, which has been conducted by the Institute for Prospective Technological Studies (IPTS) that is part of the Joint Research Centre of the European Commission. The annual Scoreboard presents information on the world’s top 1400 companies ranked by their investments in R&D. It contains data drawn from companies’ accounts, most recently for the fiscal year 2009. 16 R&D indicators, such as R&D intensity, vary in line with the business cycle. Therefore annual averages have been taken to highlight the performance of ME in the EU
