The number of persons employed in the UK business services sector has shown a consistent upward trend from 2013 to 2023, standing at 17.86 million in 2023. Year-on-year variation ranged from a peak of 2.92% in 2014 to the more recent 1% in 2023. Over the past five years, the compound annual growth rate (CAGR) has averaged 1.12%, indicating steady yet moderate growth.
Looking forward, forecasted data from 2024 onwards suggests continued growth, albeit at a slower pace with an estimated five-year CAGR of 0.72%, resulting in a projected employment figure of 18.69 million by 2028. This represents an overall growth rate of 3.66% over the forecast period.
Future trends to watch include the impact of technological advancements and automation on employment, potential shifts in demand for various business services, and economic factors that could influence job creation within this sector.
