MIAMI (CBSMiami) – The media has once again been swept up into frenzy over the newest technological equipment from Apple. While it may seem like overkill, the power of sales of the iPhone could be enough to trigger an economic boost.

According to J.P. Morgan, “we believe the release of iPhone 5 could potentially add between 0.25 – 0.50 point to fourth quarter annualized GDP growth.”

The banking giant based its analysis on predicted sales of around 8 million iPhone 5’s and found that sales of the phone could boost fiscal fourth-quarter GDP by $3.2 billion, or $12.8 billion at an annual rate. “This would boost annualized GDP growth in Q4 by 0.33 percent,” J.P. Morgan wrote.

J.P. Morgan said the iPhone could do enough to help maintain their projected 2 percent fourth-quarter GDP growth for the United States.

For Apple, the numbers are even more staggering. Thanks in large part to sales of the iPhones, and iPads, the computer giant is the most valuable company in the world. Based on Apple’s closing price on Friday of $700.09 per share, the company has a market cap value of $656.27 billion.

To put Apple’s value in perspective, using 2010 GDP numbers, Apple would be the 21st most valuable country in the world. It would be ahead of countries like Saudi Arabia, Argentina, Thailand, Egypt, and Sweden, and just more than $30 billion from topping the Netherlands.

Analysts said Apple is expected sell about 10 million iPhones by the end of September. It was released in the U.S., Canada, Germany, Japan, Singapore, Great Britain, Australia, and France Friday. It’s set to be released in 22 more countries next week.

The company has as recently as this year also had more cash on hand than the federal government at times.

It’s quite a success story from the revolutionary vision of the late-Steve Jobs.