(Telecompaper) France's online advertising market grew by 5 percent to EUR 2.7 billion net in 2012, compared to 11 percent growth in 2011 and 9 percent a year earlier, according to a study by Capgemini, online advertising body SRI and media buying association Udecam. The first half of 2012 was marked by a slowdown in private sector advertising ahead of the elections, followed by confirmation of falling growth in the second half due to the overall economy. Lower revenues in specific industries like telecoms and automotive also affected online advertising disproportionately. SRI projects that the online ad market will grow by only 5 percent this year.