Facebook Claims it Adds More Than $200bn to Global Economy

Facebook-HQ-Logo-IRL carouselAccording to a new study commissioned by Facebook, the social network contributed $227bn (£150bn) worth of economic impact and 4.5m jobs across the globe in 2014.

The report, carried out by consulting firm Deloitte & Touche, looked at businesses that maintain pages on Facebook, mobile apps and games that users play through the site and the increased demand for gadgets and online connectivity services that Facebook generates.

“Our study finds that Facebook enables significant global economic activity by helping to unlock new opportunities through connecting people and businesses, lowering barriers to marketing, and stimulating innovation,” said Jolyon Barker, global managing director of technology, media & telecommunications for Deloitte & Touche.

North America saw the most significant economic impact in terms of money contributed, with an estimated $104bn added to the economy, $100bn of which was in the US. EMEA saw $67bn worth of impact, with Central and South America gaining $21bn, and APAC growing by $35bn.

Europe, the Middle East and Asia saw the largest number of jobs created however, with 1.5m, followed by APAC (1.3m), North America (1.2m) and Central and South America (600,000).

The report will go some way to fight the criticism that the tech industry as a whole and several startups in particular have faced for supposedly destroying traditional industries with disruptive technology and services.

“Across the world there is a greater urgency about creating jobs,” said Sheryl Sandberg, COO of Facebook. “The good news is that the tech industry is powering the economy and creating jobs within and beyond its own campuses. Every day, businesses of all sizes, sectors, and skill sets are using the Facebook platform to grow and expand.”