Facebook's 1.35 billion users might populate a virtual community - but the company is saying that it generates a massive amount of real economic activity.

The social media giant is claiming that it adds almost a quarter of a trillion US dollars (€196bn) to the global economy - that is more than Portugal's GDP.

The study which was commissioned by Facebook and carried out by Deloitte & Touche, also found that the company created 4.5 million jobs in 2014.

The report took into account the activities of businesses who maintain a Facebook presence - and app developers and game makers who are dependent on its network.

It also claims that Facebook generates roughly one-sixth of the world's smartphone sales, along with significant demand for internet services.

Facebook's chief operating officer, Sheryl Sandberg discussed the impact of the network with Reuters: "People believe that technology creates jobs in the tech sector and destroys jobs everywhere else - this report shows that’s not true."

She added: "We’re no longer in a place where large companies can create the jobs [that] the world needs." Sandberg further highlighted the platform that Facebook offers to small businesses and start-ups.

The study also gave Facebook actions such as 'Likes' on posts by businesses and 'Attending' RSVP's to events a monetary value.

The findings of the report are being disputed, however. Stanford economist, Roger Noll told the Wall Street Journal that the research is "meaningless" -adding that "Facebook is an effect, not a cause, of the growth of Internet access and use."

Other prominent economists also told the financial newspaper that Facebook does have a sizeable economic impact but that it is not as great as this study suggests.