12-32 VS 14mm VS 20mm - Size comparision
From camerasize.com, all shown on a GX1:
http://j.mp/15XtrXq Of course, the 12-32 is shown not extended. I'm not sure whether it extends whenever the camera is turned on, or only when you zoom.
Thankfully, unlike the 14-42mm PZ, the lens extends by manually twisting the zoom ring You can see the marks on the barrel that align when it's retracted.