Markit added that the survey signalled a 0.4-percent contraction in the British economy in the third quarter, or three months to September. LONDON - British business activity sank in July to its lowest level since April 2009, a survey showed Friday in the first indication of economic contaction since the shock EU exit vote. Markit added the survey showed that the economy had "opened the third quarter on a weak footing". The data was published after the International Monetary Fund slashed its global and British economic growth forecasts for 2016 and 2017 earlier this week -- and blamed uncertainty created by Brexit. The survey -- regarded as a key early indicator of economic activity before official statistics are published -- is the first major evidence of economic fallout after Britons voted to leave the European Union in a referendum on June 23.

Source: Bangkok Post July 22, 2016 09:22 UTC