An estimated £2.2 billion is contributed to the UK economy every year by social media giant Facebook, a new study revealed.
Commissioned by Facebook, and conducted by Deloitte - the research found that the website brings in a massive £12.7 billion for the gross domestic product of a handful of countries across the European Union. In addition, the site also helps introduce around 232,000 jobs yearly throughout the entire region.
The data was presented by the company's chief operating officer (COO) Sheryl Sandberg at the DLD conference hosted in Munich.
Sanderberg claims the website is definitely a lot more than a mere platform for photo sharing and chatting with buddies.
"Today's report shows that Facebook is about a lot more than sharing pictures or keeping up with friends; increasingly social media means growth and jobs," the COO stated, ZDNet reports.
Meanwhile, Chris Williams, Deloitte Economic Consulting partner, expressed his view by stating: ""Facebook embodies a new generation of social media organisations that have significant global impact and create economic value through enabling ecosystems of businesses to flourish."