iPhone 5 Release Date Set, Could Boost U.S. GDP by Up to 0.5 Percent

iPhone 5

Apple Inc. announced Wednesday that the iPhone 5 will be released on Sept. 21. Pre-orders begin Friday and the iPhone 5 will launch Sept. 21.

The device will be available in black and white. It will be available for $199, $299 and $399 for 16GB, 32GB and 64GB models, respectively.

According to the Los Angeles Times, The iPhone 5 features a larger screen and weighs 112 grams, or about 4 ounces, which is 20% lighter than the iPhone 4S. It is also 18% thinner, Apple’s marketing chief Phil Schiller said. It has an improved A6 processor that is twice as fast as its predecessor, high-speed 4G LTE connectivity and a widescreen aspect ratio.

According to Reuters:

The new phone could not only boost the tech giant’s bottom line – but could give a significant boost to the overall U.S. economy.

Sales of the new iPhone could add between a quarter and a half percentage point to fourth quarter annualized growth in the U.S., according to J.P. Morgan’s chief economist, Michael Feroli in a note to clients on Monday.