WPP cuts growth target as 'grey swans' upset clients Concerns remain over the eurozone crisis, and whether the political will to implement necessary fiscal integration exists, ongoing troubles in the Middle East, particularly the deterioration in Syria and most recently Lebanon, a hard or soft landing in China and the health of the American economy and its fiscal cliff. But it was problems in the US economy that were most pressing: "The United States Presidential election has resulted, yet again, in kicking the can down the road, but clients and financial markets will be watching for an early bi-partisan resolution post-election of these issues." The UK was an important market for WPP in the third quarter, with a 8.9pc growth in revenue, against 5.6pc in the US. Advertising accounted for the majority of income, and the forecast remained healthy in the sector, while research and PR arms saw a slowdown in growth. "Advertising as a proportion of GDP should at least remain constant overall, although it is still at relatively depressed historical levels, particularly in mature markets, post-Lehman and advertising should grow at least at a similar rate as GDP," said the company. Next year could be a "cloud on the horizon" as there were no large events such as the UEFA Football Championships, London 2012 Olympics, but that the World Cup in Brazil and Winter Olympics in Sochi should make 2014 a "better prospect."