Facebook adds 2 billion pound to UK economy

Facebook estimates that it benefits the UK to the tune of more than 2 billion pound a year, including the development of an almost 500 million pound "app economy" that has sprung up around the world''s most popular social networking website. The company commissioned a study by Deloitte, which concluded that Facebook supports 35,200 UK jobs and fuels 2.2 billion pound to UK GDP each year, according to the Guardian website. Facebook chief operating officer 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." The report reckons that the businesses involved in the development of Facebook apps generate about 7,500 jobs in the UK. (QNA) SHM/LY Salam International Discloses 2011 Financials         Bank Lending Spurs Consistent Recovery in GCC