Universities generate £59 billion for the economy every year, new research has revealed.
The fact that many students often struggle to get credit has not deterred them from spending around £19.5 billion on goods and services, according to a report by Universities UK.
Dan Hawes, co-founder of the graduate recruitment bureau, said that graduates, particularly those from overseas, have contributed significantly to the economy.
"With growing pressures on public spending and with the all-important debate about university funding about to start, it's crucial that we recognise the growing importance of higher education to the health of the economy," he commented.
According to figures from the body, universities generate around 2.3 per cent of UK gross domestic product and employ one per cent of the UK workforce.
Findings from the Higher Education Statistics Agency found that 88.9 per cent of 2004/05 graduates were in employment three and a half years later.
