The global staffing industry generated $490 billion in revenue worldwide in 2018, growth of 5% compared to the previous year, according to a new report by Staffing Industry Analysts, the “Global Staffing Industry Market Estimates and Forecast: May 2019 Update.” But revenue growth is expected to decelerate to 4% this year.

Driving the deceleration is continental Europe and a softer economic backdrop. Global GDP is estimated to slow to 3.3% this year from 3.6% last year.

The report also noted staffing is concentrated in a relatively small number of global markets. A majority of revenue was generated in three countries — the US, Japan and the UK. In addition, the top 14 markets listed in the report represented 87% of staffing revenue for 2018.

The full report with information by country is available to corporate members of Staffing Industry Analysts.