iPhone 5 could boost US GDP by 0.5 per cent

The new iPhone, which is expected to be unveiled tomorrow, could boost the US’s GDP by up to 0.5 per cent, according to JP Morgan’s chief economist Michael Feroli.

He wrote in a note to clients: “Calculated using the so-called retail control method, sales of iPhone 5 could boost annualised GDP growth by $3.2bn (£2bn), or $12.8 billion at an annual rate.”

Analysts at JP Morgan expect Apple to sell around 8m iPhones in the fourth quarter of this year. They are expected to be worth around $600 each.