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IPhone Sales May Provide Lift to GDP

IPhone Sales May Provide Lift to GDP

Economist and consumers alike are eagerly anticipating the release of the iPhone 5 later this month. The demand for the new mobile phone may be large enough to provide the national GDP with a small boost.

Accounting executives from J.P. Morgan are expecting Apple to sell 8 million iPhone 5s in the fourth quarter, which would be sufficient enough to raise the country's GDP between a quarter and a half percent, Newsday reported.

"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," chief economist, Michael Feroli wrote in a letter to clients, as reported by News Day.

The highly anticipated release is expected to make a dramatic impact on the technology sector as other companies scramble to play catch up with the new market demands. CNet News reports that the release of the project could disrupt supply chains for LG displays, processors and other computer parts. Even accessories will see strong demand as the source predicts that between 48 to 53 million total iPhones, will be shipped globally in the fourth quarter.