This is a slower growth rate compared to an exceptionally strong performance in 2016 (+5.9% excl. P&O) but the moderate slowdown remains within what had already been anticipated by MAGNA. Neutralizing cyclical drivers in 2016-17, actual growth will be +1.8% this year.
In 2018, the return of even-year cyclical advertising drivers (mid-tem elections, Winter Olympics, Soccer World Cup) will help accelerate ad growth to +4.8% (unchanged from previous forecast) despite a slowdown in underlying spending (+3.1% excl. P&O).
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