While European countries may have a knowledge economy to match the US in size, they risk falling behind because they are not investing enough in their knowledge base, a new report claims.
More than 40 per cent of European workers are employed in knowledge-based industries, research from The Work Foundation revealed.
Education and health are the biggest single group of knowledge economy jobs, accounting for 19 per cent of all jobs in Europe
However, the foundation claims that the continent has failed to invest enough in the area and risks a slowdown in technological progress.
Director of the Knowledge Economy Programme at The Work Foundation Ian Brinkley said: "The indications are that the countries prepared to invest in knowledge and have the ability to make the most of that knowledge on the whole perform better."
In 2004, the EU15 countries invested 1.9 per cent of GDP in research and development, compared to 2.7 per cent invested by the US.
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