Since the launch of the first Circularity Gap Report in 2018, we’ve analysed the Circularity Metric to offer insight into the global state of the circular economy transition. This single figure quantifies the share of secondary materials out of total material consumption, serving as a North Star for tracking progress towards the circular transition. But the Metric is one piece of a larger puzzle. That’s why, for the first time, this report analyses the Circularity Gap to examine how the rest of the materials flowing into and out of the global economy are contributing to a circular economy—or not.