The global employment and recruitment industry saw annual growth of 8.6% with sales revenues of €450bn (£348.5bn) in the last year, according to the international confederation of private employment services (Ciett’s) 2016 economic report.

The report, published today, also reveals agency work grew 12% year-on-year, representing 70% of the sector’s revenues. Permanent recruitment delivered 11% of revenues at €48bn, while recruitment process outsourcing (RPO) represents 6% of sales at €27bn, and other HR services brought in 13% of revenue.

While the sector is expanding, agency workers represent just 1.6% of the global working population. The highest share of agency workers in larger markets stands at 3-4%. 

Around 90% of global industry revenues come from the top 10 markets. China is the largest market followed by the US, UK, Germany, France, Japan, Brazil, Australia, Canada and the Netherlands.