Media agency, Carat has published its updated forecasts for global advertising expenditure for 2011 and 2012. It says that advertising expenditure will continue to grow, outperforming the advertising market levels of 2008. The +5% growth in global advertising expenditure is a slight dip from the +5.7% predicted this March. This Carat believes was due to macro-economic factors, natural disasters and political instability in some parts of the world.

For 2012, Carat continues to predict ‘robust’ growth with the global advertising market growing by +6% boosted by a year of events including the 2012 Olympics, UEFA European Football Championship and the USA presidential elections.

Digital media is a driving force in terms of growth continuing to outstrip other media sectors, followed by Out-of-Home and Television. However, remember this Carat report is given in terms of growth, not overall expenditure. Television still has 46% share of the global advertising spend and newspapers are still just ahead.

Carat has extended its review to include, from August 2011, data from the Middle East countries of Bahrain, Egypt, Kuwait, Lebanon, Morocco, Oman, Pan Arab, Qatar, Saudi Arabia and the UAE. Below are the results. The figures in brackets are Carat’s previous forecast in March 2011.

Asia round up:

Japan dropped because of the earthquake and tsunami but Carat sees positive indication for 2012.

China now ranks as the world’s second largest advertising market behind the USA with a growth in 2011 expected to reach +14.8%, but outside economic pressures are expected to slow this to 11.8% in 2012.

Australian forecasts have been revised down due to adverse weather and macro-economic factors, locally and overseas.. Now the forecast is +4. 8%, a slight dip, while in 2012 expenditure should rise to make +4.9%.

The rest of the Asia-Pacific region shows good growth in advertising. Indonesia can expect +15.2%, Malaysia up to +11.5%, the Philippines should reach +16.8% and India up to +9.1%.

These figures are more healthy as you can see from the charts than North America and Europe.