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iPhone 5 to boost US GDP by 0.3%, says economics wonk

iPhone 5 to boost US GDP by 0.3%, says economics wonk

Apple fanboys aren’t the only ones set to get a spring in their step when the next iPhone lands. Beleaguered US Treasury types and Democratic party electioneers have got even more reason to welcome the arrival of the sixth-gen handset, it has emerged today.

According to Michael Feroli, chief US economist at JP Morgan, the device we’re still informally calling the iPhone 5 will boost the US economy by 0.3 per cent.

Feroli based his projection on the bank’s analysts’ calculations that Apple will shift eight million iPhone 5 smartphones at $600 each before the year is out.

Of that $600, some $200 will go to Chinese firms who are manufacturing the handset and supplying parts. That leaves $400 a throw for each unit sold going to Apple.

This adds up to a $3.2 billion (£2 billion) boost for the quaking, convulsing US economy. Or growth equating to a very welcome 0.33 per cent year-on-year.

The latest sign of just how seismic a cultural and cash-generating phenom iPhone launches are nowadays comes amid the usual welter of hype surrounding the new model.

Due to be unwrapped tomorrow a the Yerba Buena centre in California, the iPhone 5 is expected to feature a larger, four-inch screen, a quad-core processor and 4G connectivity.

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