London (CNN Business) The UK economy is shrinking for the first time in nearly seven years. Brexit could send it into a recession.

GDP for the three months ended June contracted 0.2% compared to the previous quarter, the Office for National Statistics said Friday. Experts had expected growth to be flat.

Britain could The contraction comes as the global economy slows and fears rise thatBritain could crash out of the European Union, dealing a gut punch to an already-weak economy.

Prime Minister Boris Johnson has committed to leaving the bloc on October 31 even without an exit agreement in place to protect trade. That would plunge the economy into recession, according to government forecasts.

The pound fell 0.6% against the dollar on Friday below $1.21, marking a decline of about 5% since the beginning of July. It dropped 0.7% against the euro.

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