Data / Rankings / Composite cost of borrowing for non-financial corporations / EU countries

EU countries by composite cost of borrowing for non-financial corporations

Latvia had the highest composite cost of borrowing for non-financial corporations of 20 EU countries in December 2025, at 4.78%. The Netherlands had the lowest, at 3.11%. The median was 3.68%. Source: the European Central Bank.

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Highest4.78Latvia
Lowest3.11Netherlands
Median3.6820 EU countries

Map of EU countries, December 2025

Austria: 3.47 %Belgium: 3.53 %Cyprus: 4.21 %Germany: 3.7 %Estonia: 4.58 %Spain: 3.32 %Finland: 3.58 %France: 3.5 %Greece: 3.73 %Croatia: 3.58 %Ireland: 3.59 %Italy: 3.65 %Lithuania: 4.5 %Luxembourg: 3.42 %Latvia: 4.78 %Malta: 4.47 %Netherlands: 3.11 %Portugal: 3.74 %Slovenia: 3.77 %Slovakia: 4.07 %
  • Under 3.5
  • 3.5 to 3.6
  • 3.6 to 3.7
  • 3.7 to 4.3
  • 4.3 and over
  • No data
%, December 2025. Hatched areas have no value for this period. Source: ECB, ECB MIR composite cost of borrowing for non-financial corporations, new business (A2I.AM.R.A.2240.EUR.N). Boundaries: Natural Earth (public domain).

All EU countries, December 2025

Latvia: 4.78 %Latvia4.78Estonia: 4.58 %Estonia4.58Lithuania: 4.5 %Lithuania4.5Malta: 4.47 %Malta4.47Cyprus: 4.21 %Cyprus4.21Slovakia: 4.07 %Slovakia4.07Slovenia: 3.77 %Slovenia3.77Portugal: 3.74 %Portugal3.74Greece: 3.73 %Greece3.73Germany: 3.7 %Germany3.7Italy: 3.65 %Italy3.65Ireland: 3.59 %Ireland3.59Croatia: 3.58 %Croatia3.58Finland: 3.58 %Finland3.58Belgium: 3.53 %Belgium3.53France: 3.5 %France3.5Austria: 3.47 %Austria3.47Luxembourg: 3.42 %Luxembourg3.42Spain: 3.32 %Spain3.32Netherlands: 3.11 %Netherlands3.11Latvia: 4.78 %Latvia4.78Estonia: 4.58 %Estonia4.58Lithuania: 4.5 %Lithuania4.5Malta: 4.47 %Malta4.47Cyprus: 4.21 %Cyprus4.21Slovakia: 4.07 %Slovakia4.07Slovenia: 3.77 %Slovenia3.77Portugal: 3.74 %Portugal3.74Greece: 3.73 %Greece3.73Germany: 3.7 %Germany3.7Italy: 3.65 %Italy3.65Ireland: 3.59 %Ireland3.59Croatia: 3.58 %Croatia3.58Finland: 3.58 %Finland3.58Belgium: 3.53 %Belgium3.53France: 3.5 %France3.5Austria: 3.47 %Austria3.47Luxembourg: 3.42 %Luxembourg3.42Spain: 3.32 %Spain3.32Netherlands: 3.11 %Netherlands3.11
%. Source: ECB, ECB MIR composite cost of borrowing for non-financial corporations, new business (A2I.AM.R.A.2240.EUR.N). Retrieved 2026-10-12.

Full ranking

RankEU countriesDecember 2025 (%)Change on December 2024
1Latvia4.78-0.62 pts
2Estonia4.58-0.91 pts
3Lithuania4.5-0.83 pts
4Malta4.47-0.1 pts
5Cyprus4.21-0.68 pts
6Slovakia4.07-0.73 pts
7Slovenia3.77-0.6 pts
8Portugal3.74-0.66 pts
9Greece3.73-1.26 pts
10Germany3.7-0.87 pts
11Italy3.65-0.86 pts
12Ireland3.59-1.89 pts
13Croatia3.58-0.81 pts
13Finland3.58-0.59 pts
15Belgium3.53-0.68 pts
16France3.5-0.66 pts
17Austria3.47-0.83 pts
18Luxembourg3.42-0.73 pts
19Spain3.32-0.75 pts
20Netherlands3.11-0.7 pts

Other periods

About this ranking

Monthly composite interest rate on new bank loans to non-financial corporations, in percent per year. Rates across corporate loan categories are combined using 24-month moving averages of new loan volumes.

Annualised agreed rates or narrowly defined effective rates (AAR/NDER) exclude fees and other charges. Corporations are non-financial companies, ESA 2010 sector S.11; the classification changed in December 2014. The euro area aggregate has changing membership. Country histories start at different dates; values may be revised.

Every value in the ranking comes from the same publisher and the same period, so the EU countries are compared on one definition. 1 EU countries with data in other periods have no value for December 2025 and are left out rather than filled from another source. Equal values share a rank.

How to cite

European Central Bank. ECB MIR composite cost of borrowing for non-financial corporations, new business (A2I.AM.R.A.2240.EUR.N). https://data-api.ecb.europa.eu/service/data/MIR/M.AT+BE+BG+CY+DE+EE+ES+FI+FR+GR+HR+IE+IT+LT+LU+LV+MT+NL+PT+SI+SK+U2.B.A2I.AM.R.A.2240.EUR.N?format=csvdata&startPeriod=2003-01. Retrieved 2026-10-12.

Citation styles

The publisher is the author. Invokely is named only as the place the figures were read, where a style asks for it.

APA 7

European Central Bank. (n.d.). ECB MIR composite cost of borrowing for non-financial corporations, new business (A2I.AM.R.A.2240.EUR.N) (EU countries by composite cost of borrowing for non-financial corporations, 2025-12) [Data set]. Retrieved October 12, 2026, from https://data-api.ecb.europa.eu/service/data/MIR/M.AT+BE+BG+CY+DE+EE+ES+FI+FR+GR+HR+IE+IT+LT+LU+LV+MT+NL+PT+SI+SK+U2.B.A2I.AM.R.A.2240.EUR.N?format=csvdata&startPeriod=2003-01

MLA 9

ECB MIR composite cost of borrowing for non-financial corporations, new business (A2I.AM.R.A.2240.EUR.N), EU countries by composite cost of borrowing for non-financial corporations, 2025-12. European Central Bank, https://data-api.ecb.europa.eu/service/data/MIR/M.AT+BE+BG+CY+DE+EE+ES+FI+FR+GR+HR+IE+IT+LT+LU+LV+MT+NL+PT+SI+SK+U2.B.A2I.AM.R.A.2240.EUR.N?format=csvdata&startPeriod=2003-01. Invokely, https://invokely.ai/rankings/business-borrowing-cost/eu-countries?period=2025-12. Accessed 12 Oct. 2026.

Chicago (author-date)

European Central Bank. n.d. ECB MIR composite cost of borrowing for non-financial corporations, new business (A2I.AM.R.A.2240.EUR.N). EU countries by composite cost of borrowing for non-financial corporations, 2025-12. Dataset. Accessed October 12, 2026. https://data-api.ecb.europa.eu/service/data/MIR/M.AT+BE+BG+CY+DE+EE+ES+FI+FR+GR+HR+IE+IT+LT+LU+LV+MT+NL+PT+SI+SK+U2.B.A2I.AM.R.A.2240.EUR.N?format=csvdata&startPeriod=2003-01. Also distributed by Invokely, https://invokely.ai/rankings/business-borrowing-cost/eu-countries?period=2025-12.

Harvard

European Central Bank (no date) ECB MIR composite cost of borrowing for non-financial corporations, new business (A2I.AM.R.A.2240.EUR.N), EU countries by composite cost of borrowing for non-financial corporations, 2025-12 [Dataset]. Available at: https://data-api.ecb.europa.eu/service/data/MIR/M.AT+BE+BG+CY+DE+EE+ES+FI+FR+GR+HR+IE+IT+LT+LU+LV+MT+NL+PT+SI+SK+U2.B.A2I.AM.R.A.2240.EUR.N?format=csvdata&startPeriod=2003-01, via Invokely: https://invokely.ai/rankings/business-borrowing-cost/eu-countries?period=2025-12 (Accessed: 12 October 2026).

BibTeX
@misc{european_eu_countries_by_composite_2026,
  author = {{European Central Bank}},
  title = {{ECB MIR composite cost of borrowing for non-financial corporations, new business (A2I.AM.R.A.2240.EUR.N): EU countries by composite cost of borrowing for non-financial corporations, 2025-12}},
  howpublished = {Data set},
  url = {https://data-api.ecb.europa.eu/service/data/MIR/M.AT+BE+BG+CY+DE+EE+ES+FI+FR+GR+HR+IE+IT+LT+LU+LV+MT+NL+PT+SI+SK+U2.B.A2I.AM.R.A.2240.EUR.N?format=csvdata&startPeriod=2003-01},
  urldate = {2026-10-12},
  note = {Accessed via Invokely, https://invokely.ai/rankings/business-borrowing-cost/eu-countries?period=2025-12. Publisher attribution: European Central Bank. ECB MIR composite cost of borrowing for non-financial corporations, new business (A2I.AM.R.A.2240.EUR.N). https://data-api.ecb.europa.eu/service/data/MIR/M.AT+BE+BG+CY+DE+EE+ES+FI+FR+GR+HR+IE+IT+LT+LU+LV+MT+NL+PT+SI+SK+U2.B.A2I.AM.R.A.2240.EUR.N?format=csvdata\&startPeriod=2003-01. Retrieved 2026-10-12.},
}
RIS
TY  - DATA
AU  - European Central Bank
TI  - ECB MIR composite cost of borrowing for non-financial corporations, new business (A2I.AM.R.A.2240.EUR.N): EU countries by composite cost of borrowing for non-financial corporations, 2025-12
PB  - European Central Bank
DB  - Invokely
UR  - https://data-api.ecb.europa.eu/service/data/MIR/M.AT+BE+BG+CY+DE+EE+ES+FI+FR+GR+HR+IE+IT+LT+LU+LV+MT+NL+PT+SI+SK+U2.B.A2I.AM.R.A.2240.EUR.N?format=csvdata&startPeriod=2003-01
L2  - https://invokely.ai/rankings/business-borrowing-cost/eu-countries?period=2025-12
Y2  - 2026/10/12
N1  - Accessed via Invokely, https://invokely.ai/rankings/business-borrowing-cost/eu-countries?period=2025-12.
N1  - Publisher attribution: European Central Bank. ECB MIR composite cost of borrowing for non-financial corporations, new business (A2I.AM.R.A.2240.EUR.N). https://data-api.ecb.europa.eu/service/data/MIR/M.AT+BE+BG+CY+DE+EE+ES+FI+FR+GR+HR+IE+IT+LT+LU+LV+MT+NL+PT+SI+SK+U2.B.A2I.AM.R.A.2240.EUR.N?format=csvdata&startPeriod=2003-01. Retrieved 2026-10-12.
ER  -
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Questions

Which EU country has the highest composite cost of borrowing for non-financial corporations?

Latvia, with 4.78% in December 2025, according to the European Central Bank.

Which EU country has the lowest composite cost of borrowing for non-financial corporations?

The Netherlands, with 3.11% in December 2025.

Where does this ranking come from?

Every value comes from one source and one period, so the places are comparable: European Central Bank, ECB MIR composite cost of borrowing for non-financial corporations, new business (A2I.AM.R.A.2240.EUR.N). Retrieved 2026-10-12. 1 EU countries have no value for December 2025 and are not ranked.

EU countries: more rankings