Apple iPhone 5 could boost economy, says JP Morgan

The iPhone 5, which is expected to be announced tomorrow, could provide a financial boost to the US economy of up to 0.5 per cent. 

That's according to financial services firm JP Morgan, which predicts sales of eight million iPhone 5s at $600 (£374) per unit will have a small impact during the fourth quarter.

"Calculated using the so-called retail control method, sales of iPhone 5 could boost annualised GDP [Gross Domestic Product] growth by $3.2bn, or $12.8bn at an annual rate," said JP Morgan chief economist Michael Feroli in a note to clients, as reported by Reuters.

He added that a 0.33 per cent boost "would limit the downside risk to our Q4 GDP growth protection, which remains two per cent."

Feroli himself admits that the 0.5 per cent increase in GDP might seem far fetched, but suggests current trends indicate it is entirely possibile. 

"We think the recent evidence is consistent with this projection," he said, adding that the greater than expected sales of last year's new iPhone have also been taken into account.

"Given the iPhone 5 launch is expected to be much larger, we think the estimate mentioned is reasonable," he concluded.

Apple is hosting a press event in San Francisco at 10am Pacific Time - 6pm in the UK - on 12 September, where all details about the iPhone 5 are expected to be revealed.