According to a report from the Outdoor Advertising Association (OAA), outdoor revenue fell 5.8% year-on-year in the third quarter of 2008 – down £14.1m to £227.4m.

OAA chief executive Alan James called the figures "very satisfactory" given the economic climate.

"Digital screen revenue continues to grow rapidly with a year-on-year increase of a stunning 48%," he added.

"Importantly, outdoor digital screens' rate of revenue growth is now outperforming that of online. This makes outdoor digital screens the fastest growing medium in the UK."

The digital sector represented 4.6% of total revenues for the third quarter of 2007, compared with 7% in 2008.

The report showed that the finance sector had increased its outdoor advertising spending by around 30.7% year-on-year in September to around £25.5m. The business and industrial, travel and transport sectors had also upped spending by 25.4% and 8.4% respectively.

The largest recorded spend decrease was in the motor industry, which had cut its outdoor advertising spend by around 33.6% during September.

Telecomm, entertainment and media, and retail sectors had also cut their spending by around 13.1%, 9.7% and 9.3% respectively.

"Undoubtedly all media are in for difficult times but we believe outdoor will continue to perform well as it offers advertisers such a wide range of targeted opportunities that provide great value and truly effective media solutions," James added.

Coca Cola GB, Unilever UK and Samsung UK were among the companies that had increased their outdoor advertising spending the most during July to September 2008.