(12)An economic indicator should be included in the set of relevant economic indicators once for each jurisdiction, or smaller geographical area where appropriate, that represents a material share of the type of exposures under consideration. This is to ensure that the set of indicators fairly reflects the geographical mix of the exposures in that type of exposures. A similar rule should apply for each industry sector representing a material share of the type of exposures. Only where different jurisdictions or different industry sectors exhibit strong co-movements in realised values of economic indicators institutions should be allowed to group those jurisdictions or sectors for the purposes of identifying an economic downturn.