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LONDON (AP) – A survey suggests that Britain’s economy is shrinking at its steepest pace since early 2009 as a result of the vote to leave the European Union.

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The so-called flash purchasing managers’ survey — a gauge of business activity conducted by IHS Markit — shows its composite output index fell to 47.7 points in July from 52.4 in June, an 87-month low. The survey is one of the first indicators of the country’s economic health following the vote.

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Markit says that both output and new orders fell for the first time since the end of 2012, “while service providers’ optimism about the coming 12 months slumped to a seven-and-a-half year low.”

The index offers information on current business conditions and is a sign of the country’s economic health.

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