September 12, 2012, 1:49 AM —
Wall Street firm says Apple could sell 8 million iPhone 5 units before the end of the year, and boost U.S. GDP by as much as a half percent.
Michael Feroli, chief economist of JP Morgan, sent a note to clients on Monday that the expected sales price of the iPhone 5, $600, would mean as much as $3.2 billion in sales. This boost could offset the expected low Gross Domestic Product growth of 2.0 percent, reports Reuters.
Projections are always iffy, and The Register's “iPhone to account for half of US economy by 2030 – projection,” story extrapolates more for entertainment than education. But snarky as The Register is, the story is right when it says the iPhone market was zero percent of the economy in 2007, and while disappointing to some, the launch of the iPhone 4S doubled the iPhone market share in the U.S.
It wasn't long ago the same was said of Nokia and Finland.
Anonymous Coward on theregister.co.uk
Sad if true
the $600 in revenues they collect comes from Wireless providers, who in turn charge customers monthly fees to recover that cost, it takes a year on average to recover that $600 from consumers i.e. Consumer Spending. And Consumer Spending is what goes into GDP, not what APPLE collects from providers.
student1 on reuters.com
If its true then god help the US economy because most of the manufacture and production of the iPhone happens outside of the USA so while Apple employees might become filthy rich the majority of the US population will be out of work
Glostermeteor on theregister.co.uk
Do you believe the iPhone 5 will have a noticeable positive impact on the U.S. economy? Will you buy the new iPhone?