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The European online advertising market was worth €12.9 billion and grew 20% in 2008, according to the 2008 AdEx report, the latest from Europe’s Interactive Advertising Bureau (IAB Europe) and PriceWaterhouseCoopers (PwC).

However, though the overall rate of pan-European growth remained close to 2007 levels, spending slowed significantly in the top 10 most mature markets and resulted in 2008 being one of the worst years for advertising in any medium, the report noted.

Read the full story on Seeking Alpha