BANGALORE: Whether you love them or not, whether you're an Apple fan or not—this is a good time to recognize their significance. Since the time the newer versions of iPhones went on sale, consumers have been ordering plenty in number than Apple can deliver them. This ripple effect are also being felt throughout the economy, and no wonder these phones have been moving the stock market, reports New York Times.

You may think that iPhone is after all a consumer good that you carry in your pocket or your purse. But the estimate that iPhone sales are racking up is much larger, and till date it has gained one-quarter to one third of a percentage point to the annualized growth rate of the gross domestic product.

Though Apple’s financial impact starts, of course, with iPhone the company already has 39 million sold in the last quarter and this progress also accounts for a disproportionately large percentage of Apple's overall profit, that is somewhere between 60 and 70 per cent.

According to the data disclosed by the company embedded in a Securities and Exchange Commission filing, it is reported that the company is selling a broad mix of iPhone models at an average price of $603. Since it’s not accurately close to the "starting price of $199" that Apple advertises, the full price is embedded in service agreements that many customers in the United States reach with phone carriers. The real starting price for a new, basic iPhone is $649, and models with more memory and bigger screens cost much more.

Since iPhone is the core of Apple at this juncture, in a sense, the iPhone is also the core of the stock market, as well. The company that accounts for about 3.5 percent of the weighting of the Standard & Poor's 500-stock index, revealed that its stock has performed magnificently well, with Apple alone accounting for 18 percent of the entire rise of the Standard & Poor's 500 index this year.

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