iPhone 5 Sales Projections: 10 Million Units to be Sold Following Sept. 21 Release Date; Experts Comment on US GDP Effects (VIDEO)

The iPhone 5 has high expectations upon its release, not just for Apple customers, but the effect it could have for the US economy.

Apple began taking pre-orders for the iPhone during the midnight hour (Pacific Time) today and led to shipping to temporarily be delayed for up to two weeks.

Expectations are for the iPhone 5 to sell up to 10 million units by the end of this month, according to an analyst at Piper Jaffray Cos. The projections are good compared to Samsung's latest Galaxy S3 which sold 10 million units in 50 days.

The pre-order news helped Apple stock on the Nasdaq increase 1.9 percent to $695.86 by Friday. The numbers are good as experts believe the device will be selling out fast.

Either way, the sales will have a positive effect on the US economy.

"The bottom line: The new iPhone sales could boost GDP by $3.2 billion in the fourth quarter, or $12.8 billion at an annual rate. That is an increase of 0.33 percentage point in the annualized rate of GDP growth," reported Sudeep Reddy of the Wall Street Journal.

The WSJ added that based on a report titled "Can one little phone impact GDP" by economist Michael Feroli, Apple could sell eight million iPhone 5 units in the next three month.

The LTE is one advantage Apple is banking on, which will be available on AT&T, Sprint, and Verizon.

Click here to see worldwide LTE availability and international release dates.

"Apple is going to sell a lot of LTE phones. If the network doesn't perform, it could put a cloud over LTE," said Walter Piecyk, an analyst at BTIG LLC, according to the Washington Post. "The network operators will say the networks are ready, but in wireless, you never really know."

The sales' effects could also prove vital for the upcoming US presidential election as the results for the fourth quarter are out 11 days before Election Day, and with the economy a hot topic of debate for the campaigns, the candidates will use the results to their advantage.

The iPhone 5's official release date is Sept. 21, and prices range from $199 for 16GB. $299 for 32GB, $399 for 64GB when signing a contract with AT&T, Sprint, or Verizon.

For specs and definitions of what the iPhone 5 has to offer, click here to view.