I had a friend who was prescribed it purely for emotional issues, but it made her feel worse - the one she was prescribed was Yasmin - she also ballooned up 2 dress sizes on it, which obviously made her feel even more depressed! I also know someone who had it for extreme PMT.
I certainly feel on a more even keel when I am on mine (Ovranette), but the coming off and restarting isn't great, and at your daughter's age, she would probably be expected to take it with the usual break every 3 weeks - I don't think I would consider it if depression were my only symptom. Another thing to consider is that many GPs are unhappy with someone taking it for too many years, so if she ever needed it for something else (early meno, birth control, heavy periods etc) having taken it for a while at a younger age might mean she had more of a struggle getting a GP to prescribe it later on.
Have you discussed it with your GP? Might be worth asking what they think.