Our actual revenues were affected by FX depreciation, but in constant currencies, they were flat year-on-year with growth in Media Entertainment and New Media. We continue to expand our content offer with 3 new TV channels and 2 new linear Internet channels and the growing number of TV and cinema rating boosters. Voyo became a leader in the subscription video-on-demand segment in our region. CME is now better positioned to face the challenges of the market with the simplified capital structure, stronger balance sheet, unique business model and potential for organic growth.
David will now walk you through the macroeconomic situation in our region.
Thank you, Adrian. Please turn to Slide 5. Our overall real GDP growth in that market was flat in the second quarter 2012, similar to the first quarter, but lower than the full year of 1.8% in 2011. Private consumption was also flat, similar to the first quarter and the full year of 2011. GDP has been impacted by a slowdown in export growth since 2011 and private consumption continues to be affected by ongoing government austerity measures in our region.Despite flat private consumption, we have seen the TV advertising markets decline by 5% in the first quarter and 8% in the second quarter. We think that uncertainty about the global economic outlook, exacerbated by the Greek and Spanish sovereign debt crisis, made advertisers especially cautious towards the end of the second quarter. We believe that advertises and mainly the large multinational companies, feared that the situation in Europe could deteriorate rapidly, forcing exports to contract shortly in our countries, impacting private consumption. As Adrian stated, advertisers reacted by switching to lower quality GRPs, which we think is not sustainable. Consensus forecast of GDP in private consumption growth indicate that they will both stay relatively flat for the second half, as exports and government austerity measures remain unchanged. Since the macroeconomic situation in Europe and our region does not look to be severely deteriorating, as previously feared, and many key clients have recently expressed their intention to honor their annual spending commitments, we believe that the trend of spending in the second half will improve compared to the first half. However, confidence in the recovery remains fragile and therefore, the TV advertising markets are still likely to decline in the second half. Read the rest of this transcript for free on seekingalpha.com