The ‘Luck of the Irish’ on pharma tariffs…at least for now

23 March 2026

The Irish economy has performed extraordinarily well recently despite its high vulnerability to rising US protectionism.

According to investment research company Morningstar, a surge in pharma exports partly explains the strong run of Ireland (rated AA, stable trend), helping to boost real modified domestic demand - a more informative measure of underlying activity than gross domestic product (GDP) - by 4.9% in 2025 and to increase corporate tax revenues by 17% (excluding Apple related receipts).

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