Preliminary figures, released today from the Advertising Association and Warc, place the UK's adspend total at 4.8% of the global spend, making it the fourth-largest advertising market in the world after the US, China and Japan.
These figures will be announced at the Lead 2018 conference, which is taking place today in London under the theme "Growth beyond Brexit".
Based on these estimates, the UK accounts for a fifth of European adspend and almost a quarter of Western European spend.
In both cases, the UK remains the largest advertising market, ahead of Germany and France.
Warc's Global Ad Trends, published earlier this week, predicted a growth of 4.7% in worldwide adspend for 2018, with the total predicted to reach $572bn (£410bn).
"UK advertising enjoyed a record 2017, with growth up year on year. It is also encouraging to see the predicted growth of 2.8% for 2018," Stephen Woodford, chief executive, Advertising Association, said. "UK advertising is an economic powerhouse, generating £6 for every £1 spent. And the success of the UK as a global hub for advertising is founded on our creative talent – both homegrown and from overseas."