New iPhone could boost US GDP by up to 0.5%
(REUTERS)- The next generation iPhone 5, which Apple plans to release this week, could not only boost the tech giant's bottom line - but could give a significant boost to the overall United States (US) economy.
Sales of the new iPhone could add between a quarter and a half percentage point to fourth quarter annualised growth in the US, according to J.P. Morgan's chief economist, Michael Feroli in a note to clients on Monday.
Such an impact would be significant.
"Calculated using the so-called retail control method, sales of iPhone 5 could boost annualised GDP growth by US$3.2 billion (S$3.95 billion), or US$12.8 billion at an annual rate," Mr Feroli wrote.