Social networking giant Facebook has claimed that it added 2.2 billion pounds to the UK economy, and supported 18,400 jobs across the region.
A new study by Deloitte, which claimed Facebook is worth billions to the European economy, revealed that the website contributed 2.2 billion pounds, to UK GDP and 12.7billion pounds across the EU.
The social network claimed that the 'App economy' alone is worth 467 million pounds to the UK and generates 7,500 jobs.
Speaking at the Digital Life Design (DLD) conference in Munich, Facebook's Chief Operating Officer Sheryl Sandberg claimed that "Facebook is about a lot more than sharing pictures or keeping up with friends.
"Increasingly social media means growth and jobs. Social media is proving particularly valuable for small and medium sized businesses, which form the backbone of the European economy," The Telegraph quoted Sandberg, as saying.
According to the report, Facebook has announced 4.2 million pounds f advertising credits to help 50,000 small businesses across EU, as well as partnerships with British Chambers of Commerce and Enterprise Nation.
The company hs also joined the "Next Gen Skills" campaign that trains young people "to join and lead the UK's digital, creative and hi-tech industries" and said it would produce a report on the UK's 'digital skills gap'.