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Facebook boosts UK economy

Posted on January 26, 2012

 

Facebook contributes more than £2bn to the UK economy annually, according to a report conducted by Deloitte on behalf of the social networking site. The report indicates Facebook is indirectly responsible for the development of an “app economy” worth nearly £500 million. The document, which was published at the Munich DLD conference, reached the conclusion that 35,200 jobs have been created by Facebook.

According to the report, the social networking site is responsible for helping small businesses to expand their custom base, advertise and even increase demand for broadband and smartphones. Facebook also refers to “business participation effects” worth £1.14bn to businesses that create Facebook pages to develop their companies and advertise. SEO careers are now an integral part of any company that wants to utilise social networking sites in its SEO campaign. According to Facebook, 18,400 jobs have been created in the UK for this very purpose.

Chief operating officer of Facebook, Sheryl Sandberg said:

“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. Social media is proving particularly valuable for small- and medium-sized businesses, which form the backbone of the European economy.”

This report also indicates that technology sales worth £550 million are responsible for 8,800 jobs and are indirectly created by Facebook. Companies all over the UK, whether in Liverpool or London have a presence on Facebook, as they realise the potential impact on trade from social networking sites.

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