According to the latest survey by Taiwan's NSC (National Science Council), the country's R&D expenditures in 2012 reached around NT$431.3 billion (US$14.6 billion; US$1=NT$29.545), representing 3.07% of GDP against 3.02% in 2011, as reported by the Economic Daily News on September 24. Of the total expenditures, 75.2% came from the private sector - the highest in recorded history - while 24.8% were spent by the government. A total of NT$319.9 billion were carried out by enterprises last year, with electronic component industry taking up NT$154.5 billion (48%) and computer electronics/optronics industry garnering NT$78.1 billion (25%), said NSC. The private sector has steadily increased its spending on R&D over the past five years, from NT$252.1 billion in 2008 to NT$324.5 billion in 2012.