Online advertisng in Europe grew by 4.5% to €14.7 billion in 2009

"The downturn took its toll on the European online advertising market last year as growth plummeted to just 4.5%, down from 20% in 2008, fuelled by a fall in digital display revenue in markets such as the UK and France.
A report from the Interactive Advertising Bureau Europe has found that the European online ad market was worth €14.7bn (£10bn) last year.
The report, compiled by analysts Screen Digest, reflected previous findings in the UK that Google-dominated search advertising remained relatively resilient while marketers pulled budget from online display advertising.
Search advertising grew by 10.6% year on year, an impressive performance given the steep declines recorded in other media, but well down on the 26% growth seen in 2008.
Display advertising was flat year on year across Europe, but most of the more mature, larger ad markets experienced a decline. The UK was down by close to 5% year on year, France was down 6% and Sweden was down 5%."
Source: Data from the IAB (Interactive Advertising Bureau) & PwC (PricewaterhouseCoopers), reported by The Guardian, 2nd of June 2010