In The News How 'skinny jabs' are making Ireland richer
Nov 24, 2025
Eoin Burke-Kennedy, an insightful economics correspondent at the Irish Times, delves into how Eli Lilly's weight-loss drug Mounjaro is propelling Ireland's economy to astonishing growth. He highlights a staggering 153% export increase to the US, driven by the pharmaceutical sector. Eoin also warns about the risks of relying heavily on multinational corporations amidst potential tariff threats. The discussion covers Ireland's vulnerable fiscal position, the impact of the rapidly changing pharma landscape, and what the future holds for this economic boom.
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One Product Driving Big GDP Surge
- Eli Lilly's Kinsale plant makes active ingredients that have driven a huge spike in Irish exports and GDP this year.
- That single-product export surge distorts headline growth and may not reflect domestic economic strength.
Front‑Loading Ahead Of Tariff Threats
- Exports to the US rose 153% to €71bn between January and May after front-loading ahead of proposed tariffs.
- Ifac traced roughly €36.4bn of that surge to shipments linked to Eli Lilly's Indianapolis operations.
Tax Windfalls Mask Vulnerability
- Ireland's public finances now depend heavily on multinational corporation tax receipts that have grown massively.
- Those revenues make the budget look robust while increasing vulnerability to shocks in a few large firms or products.