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Tuesday, 11 September 2012 08:35

New iPhone could boost US GDP by 0.5 percent

Written by Peter Scott

Who needs the Fed when you’ve got Apple

The new iPhone 5 could boost the US GDP by as much as 0.5 percent if J.P. Morgan’s chief economist Michael Feroli is to be believed.

Feroli estimates that the launch could add between a quarter and half a percentage point to Q4 annualized growth, Reuters is reporting.

"Calculated using the so-called retail control method, sales of iPhone 5 could boost annualized GDP growth by $3.2 billion, or $12.8 billion at an annual rate," Feroli wrote.

Feroli estimates that Apple will sell around 8 million iPhone 5 units in Q4 at $600 a pop. However, as about $200 goes to import components, each phone will contribute $400 to the US gross domestic product.

Too bad Greece doesn’t have an iPhone of its own.

More here.

Peter Scott

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