Europe

After vote, UK economy shrinking at fastest pace since '09

  • Britain's Chancellor of the Exchequer Philip Hammond attends the UK-China High Level Financial Services Roundtable at the Bank of China head office building in Beijing, China, Friday, July 22, 2016. (Damir Sagolj/Pool Photo via AP)

    Britain's Chancellor of the Exchequer Philip Hammond attends the UK-China High Level Financial Services Roundtable at the Bank of China head office building in Beijing, China, Friday, July 22, 2016. (Damir Sagolj/Pool Photo via AP)  (The Associated Press)

  • In this grab taken from video British Prime Minister Theresa May speaks during her first session of Prime Minister's Questions at the House of Commons, in London, Wednesday July 20, 2016. Chancellor of the Exchequer Philip Hammond sits at right. Prime Minister Theresa May is making her first overseas trip as Britain’s leader on Wednesday to meet German Chancellor Angela Merkel, a key figure in negotiating Britain's exit from the European Union. (Parliamentary Recording Unit via Associated Press Video) TV OUT - NO ARCHIVE

    In this grab taken from video British Prime Minister Theresa May speaks during her first session of Prime Minister's Questions at the House of Commons, in London, Wednesday July 20, 2016. Chancellor of the Exchequer Philip Hammond sits at right. Prime Minister Theresa May is making her first overseas trip as Britain’s leader on Wednesday to meet German Chancellor Angela Merkel, a key figure in negotiating Britain's exit from the European Union. (Parliamentary Recording Unit via Associated Press Video) TV OUT - NO ARCHIVE  (The Associated Press)

  • Mark Carney, Governor of the Bank of England and Chairman of the G20 Financial Stability Board, left, and Angel Gurria, Secretary-General for the Organization for Economic Cooperation and Development (OECD), right, arrive for a press conference for the 1+6 Roundtable on promoting economic growth at the Diaoyutai State Guesthouse in Beijing, Friday, July 22, 2016. The head of the International Monetary Fund called Friday to end uncertainty over Britain's vote to leave the European Union she says is dampening global economic growth. (AP Photo/Mark Schiefelbein)

    Mark Carney, Governor of the Bank of England and Chairman of the G20 Financial Stability Board, left, and Angel Gurria, Secretary-General for the Organization for Economic Cooperation and Development (OECD), right, arrive for a press conference for the 1+6 Roundtable on promoting economic growth at the Diaoyutai State Guesthouse in Beijing, Friday, July 22, 2016. The head of the International Monetary Fund called Friday to end uncertainty over Britain's vote to leave the European Union she says is dampening global economic growth. (AP Photo/Mark Schiefelbein)  (The Associated Press)

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.

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.

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.