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Checked against webmaster tools for 2 sites, one geo and one commercial. Similar story on each. The details for the geo:
Legacy GKT Local exact 27.1K
New GKT Local exact 4.4K
Actual from Webmaster tools 9.9K.
I also have records of exact and phrase searchs from the legacy tool for the geos going back 2 years or so. The figures increased roughly 50% over that period for around a dozen geos.
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