UNDATED (CNN) -- Consumers are eagerly awaiting the iPhone 5, and so is Wall Street. The device hasn't even been unveiled yet, but already one analyst is betting the phone could be so popular that it gives the entire economy a boost.

You've probably heard the rumor by now. The upcoming iPhone 5 is supposed to be thinner, lighter and faster. But it may have another interesting feature, it could help boost the nation's GDP.

JP Morgan says the new iPhone, expected to be unveiled Wednesday, could give the economy a bump somewhere between a quarter to a half of a percentage point. Government data shows the economy grew 1.7 percent in the second quarter so a boost from the iPhone could push growth to 2- percent in the fourth quarter.

In dollars and cents, that's an additional $3.2 billion being injected into the U.S. economy at a time when we really need it.

To get that number, JP Mrgan predicts each iPhone would add $400 to GDP factoring in import costs and assuming apple sells 8 million iPhones in the final three months of the year.

That's actually a fairly low estimate considering the company sold 26 million iPhones last quarter. And that's a small number by Apple's standards.

So no surprise, the tech industry is estimating a bigger sales number. It projects apple was sell 45 million iPhones by the end of the year.

After all, there's pent up demand, because many consumers held off on buying the 4S model and we're coming into the holiday shopping season.

So if sales are even stronger than JP Morgan's predictions, we could see an even bigger boost to economic growth.