UK— The advertising industry is growing increasingly pessimistic about ad spend prospects, with global growth estimates having been revised down almost a full percentage point since April.

The latest figures from marketing intelligence service Warc show an expected growth rate of 4.4% for 2012, down from 5.3% last quarter.

Growth forecasts have been cut in 11 of the 13 markets covered by Warc’s tracker, with only the UK and Japan growing more confident.