The figure reflects an 11.5% drop in Gross Value Added (GVA) from £40.5bn in 2019, yet still “shows the resilience of the sector during the worst recession for 300 years”, a REC statement said. The industry includes not only agencies, but managed services providers and supply chain partners.

Other highlights from the report: 

• £32.7bn of the GVA came from temporary/contract placement activity
• £3.2bn came from permanent placement activity
• 30,295 enterprises were operating across the UK recruitment industry at the start of 2021, showing a 2% drop on the number at the start of 2020
• 110,300 staff were employed by the broader recruitment industry, including those furloughed throughout the pandemic
• 450,400 permanent placements were made by the recruitment industry in 2020, 55% fewer than in 2019.
• On any given day in 2020, 980,100 temporary/contract workers were on assignment.

See the January 2022 issue of Recruiter for more insight from the report.