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 21 EU countries in January 2026, at 5.31%. The Netherlands had the lowest, at 3.11%. The median was 3.8%. Source: the European Central Bank.

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Highest5.31Latvia
Lowest3.11Netherlands
Median3.821 EU countries

Map of EU countries, January 2026

Austria: 3.45 %Belgium: 3.52 %Bulgaria: 3.95 %Cyprus: 3.82 %Germany: 3.72 %Estonia: 4.51 %Spain: 3.36 %Finland: 3.67 %France: 3.46 %Greece: 4.23 %Croatia: 3.44 %Ireland: 4.03 %Italy: 3.62 %Lithuania: 4.61 %Luxembourg: 3.13 %Latvia: 5.31 %Malta: 4.21 %Netherlands: 3.11 %Portugal: 3.8 %Slovenia: 3.86 %Slovakia: 3.81 %
  • Under 3.5
  • 3.5 to 3.7
  • 3.7 to 3.8
  • 3.8 to 4.2
  • 4.2 and over
  • No data
%, January 2026. 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, January 2026

Latvia: 5.31 %Latvia5.31Lithuania: 4.61 %Lithuania4.61Estonia: 4.51 %Estonia4.51Greece: 4.23 %Greece4.23Malta: 4.21 %Malta4.21Ireland: 4.03 %Ireland4.03Bulgaria: 3.95 %Bulgaria3.95Slovenia: 3.86 %Slovenia3.86Cyprus: 3.82 %Cyprus3.82Slovakia: 3.81 %Slovakia3.81Portugal: 3.8 %Portugal3.8Germany: 3.72 %Germany3.72Finland: 3.67 %Finland3.67Italy: 3.62 %Italy3.62Belgium: 3.52 %Belgium3.52France: 3.46 %France3.46Austria: 3.45 %Austria3.45Croatia: 3.44 %Croatia3.44Spain: 3.36 %Spain3.36Luxembourg: 3.13 %Luxembourg3.13Netherlands: 3.11 %Netherlands3.11Latvia: 5.31 %Latvia5.31Lithuania: 4.61 %Lithuania4.61Estonia: 4.51 %Estonia4.51Greece: 4.23 %Greece4.23Malta: 4.21 %Malta4.21Ireland: 4.03 %Ireland4.03Bulgaria: 3.95 %Bulgaria3.95Slovenia: 3.86 %Slovenia3.86Cyprus: 3.82 %Cyprus3.82Slovakia: 3.81 %Slovakia3.81Portugal: 3.8 %Portugal3.8Germany: 3.72 %Germany3.72Finland: 3.67 %Finland3.67Italy: 3.62 %Italy3.62Belgium: 3.52 %Belgium3.52France: 3.46 %France3.46Austria: 3.45 %Austria3.45Croatia: 3.44 %Croatia3.44Spain: 3.36 %Spain3.36Luxembourg: 3.13 %Luxembourg3.13Netherlands: 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 countriesJanuary 2026 (%)Change on January 2025
1Latvia5.31-0.72 pts
2Lithuania4.61-0.97 pts
3Estonia4.51-1.83 pts
4Greece4.23-0.49 pts
5Malta4.21+0.34 pts
6Ireland4.03-1.03 pts
7Bulgaria3.95n/a
8Slovenia3.86-0.37 pts
9Cyprus3.82-0.87 pts
10Slovakia3.81-1.36 pts
11Portugal3.8-0.57 pts
12Germany3.72-0.78 pts
13Finland3.67-0.68 pts
14Italy3.62-0.66 pts
15Belgium3.52-0.68 pts
16France3.46-0.64 pts
17Austria3.45-0.64 pts
18Croatia3.44-0.93 pts
19Spain3.36-0.54 pts
20Luxembourg3.13-0.88 pts
21Netherlands3.11-0.49 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. 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, 2026-01) [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, 2026-01. 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=2026-01. 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, 2026-01. 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=2026-01.

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, 2026-01 [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=2026-01 (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, 2026-01}},
  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=2026-01. 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, 2026-01
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=2026-01
Y2  - 2026/10/12
N1  - Accessed via Invokely, https://invokely.ai/rankings/business-borrowing-cost/eu-countries?period=2026-01.
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 5.31% in January 2026, 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 January 2026.

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.

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