Nokia has released estimates of its 2007 figures which suggest a 3% fall in growth as compared to a 16% boom the year before.
And it's not alone - Sony Ericsson has also pointed to slowing growth in Europe, and has had to issue a warning that its current quarter profit could fall by half.
Nokia has also reported a slowdown in other territories, suggesting the trend may be worldwide.
Its growth in the Middle East and Africa mobile phone market was 19% in 2007 compared to 68% in 2006.
In North American, unit sales fell to 6% in 2007 compared to 13% growth in 2006.
But the market is getting some relief in China and the Asia-Pacific.
Nokia said that phone sales grew by 34% in the Asia-Pacific region in 2007 where they were 27% in 2006.
And Chinese phone sales increased by 34% in 2007, which was up 5% on the year before.
Nokia also said that there are now a staggering 3.3 billion mobile phone users worldwide, which is 43% of our planet's population.