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 March 2026, at 4.77%. The Netherlands had the lowest, at 3.06%. The median was 3.79%. Source: the European Central Bank.

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Highest4.77Latvia
Lowest3.06Netherlands
Median3.7921 EU countries

Map of EU countries, March 2026

Austria: 3.57 %Belgium: 3.59 %Bulgaria: 3.87 %Cyprus: 3.97 %Germany: 3.81 %Estonia: 4.55 %Spain: 3.28 %Finland: 3.79 %France: 3.5 %Greece: 4.06 %Croatia: 3.63 %Ireland: 4.07 %Italy: 3.49 %Lithuania: 4.65 %Luxembourg: 3.17 %Latvia: 4.77 %Malta: 4.64 %Netherlands: 3.06 %Portugal: 3.66 %Slovenia: 3.46 %Slovakia: 4.16 %
  • Under 3.5
  • 3.5 to 3.6
  • 3.6 to 3.9
  • 3.9 to 4.2
  • 4.2 and over
  • No data
%, March 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, March 2026

Latvia: 4.77 %Latvia4.77Lithuania: 4.65 %Lithuania4.65Malta: 4.64 %Malta4.64Estonia: 4.55 %Estonia4.55Slovakia: 4.16 %Slovakia4.16Ireland: 4.07 %Ireland4.07Greece: 4.06 %Greece4.06Cyprus: 3.97 %Cyprus3.97Bulgaria: 3.87 %Bulgaria3.87Germany: 3.81 %Germany3.81Finland: 3.79 %Finland3.79Portugal: 3.66 %Portugal3.66Croatia: 3.63 %Croatia3.63Belgium: 3.59 %Belgium3.59Austria: 3.57 %Austria3.57France: 3.5 %France3.5Italy: 3.49 %Italy3.49Slovenia: 3.46 %Slovenia3.46Spain: 3.28 %Spain3.28Luxembourg: 3.17 %Luxembourg3.17Netherlands: 3.06 %Netherlands3.06Latvia: 4.77 %Latvia4.77Lithuania: 4.65 %Lithuania4.65Malta: 4.64 %Malta4.64Estonia: 4.55 %Estonia4.55Slovakia: 4.16 %Slovakia4.16Ireland: 4.07 %Ireland4.07Greece: 4.06 %Greece4.06Cyprus: 3.97 %Cyprus3.97Bulgaria: 3.87 %Bulgaria3.87Germany: 3.81 %Germany3.81Finland: 3.79 %Finland3.79Portugal: 3.66 %Portugal3.66Croatia: 3.63 %Croatia3.63Belgium: 3.59 %Belgium3.59Austria: 3.57 %Austria3.57France: 3.5 %France3.5Italy: 3.49 %Italy3.49Slovenia: 3.46 %Slovenia3.46Spain: 3.28 %Spain3.28Luxembourg: 3.17 %Luxembourg3.17Netherlands: 3.06 %Netherlands3.06
%. 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 countriesMarch 2026 (%)Change on March 2025
1Latvia4.77-0.72 pts
2Lithuania4.65-0.33 pts
3Malta4.64-0.1 pts
4Estonia4.55-0.58 pts
5Slovakia4.16-0.32 pts
6Ireland4.07-1.68 pts
7Greece4.06-0.24 pts
8Cyprus3.97+0.12 pts
9Bulgaria3.87n/a
10Germany3.81-0.28 pts
11Finland3.79-0.31 pts
12Portugal3.66-0.51 pts
13Croatia3.63-0.14 pts
14Belgium3.59-0.33 pts
15Austria3.57-0.37 pts
16France3.5-0.3 pts
17Italy3.49-0.56 pts
18Slovenia3.46-0.77 pts
19Spain3.28-0.32 pts
20Luxembourg3.17-0.37 pts
21Netherlands3.06-0.4 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, 2026-03) [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, 2026-03. 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=2026-03. 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, 2026-03. 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=2026-03.

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, 2026-03 [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=2026-03 (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, 2026-03}},
  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=2026-03. 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, 2026-03
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=2026-03
Y2  - 2026/10/12
N1  - Accessed via Invokely, https://invokely.ai/rankings/business-borrowing-cost/eu-countries?period=2026-03.
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 4.77% in March 2026, according to the European Central Bank.

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

The Netherlands, with 3.06% in March 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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