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 April 2026, at 4.9%. Luxembourg had the lowest, at 2.94%. The median was 3.78%. Source: the European Central Bank.

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Highest4.9Latvia
Lowest2.94Luxembourg
Median3.7821 EU countries

Map of EU countries, April 2026

Austria: 3.53 %Belgium: 3.56 %Bulgaria: 4.01 %Cyprus: 3.91 %Germany: 3.78 %Estonia: 4.76 %Spain: 3.45 %Finland: 3.76 %France: 3.53 %Greece: 4.47 %Croatia: 3.57 %Ireland: 4.22 %Italy: 3.65 %Lithuania: 4.81 %Luxembourg: 2.94 %Latvia: 4.9 %Malta: 4.57 %Netherlands: 3.04 %Portugal: 3.88 %Slovenia: 3.69 %Slovakia: 4.19 %
  • Under 3.5
  • 3.5 to 3.7
  • 3.7 to 3.9
  • 3.9 to 4.5
  • 4.5 and over
  • No data
%, April 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, April 2026

Latvia: 4.9 %Latvia4.9Lithuania: 4.81 %Lithuania4.81Estonia: 4.76 %Estonia4.76Malta: 4.57 %Malta4.57Greece: 4.47 %Greece4.47Ireland: 4.22 %Ireland4.22Slovakia: 4.19 %Slovakia4.19Bulgaria: 4.01 %Bulgaria4.01Cyprus: 3.91 %Cyprus3.91Portugal: 3.88 %Portugal3.88Germany: 3.78 %Germany3.78Finland: 3.76 %Finland3.76Slovenia: 3.69 %Slovenia3.69Italy: 3.65 %Italy3.65Croatia: 3.57 %Croatia3.57Belgium: 3.56 %Belgium3.56Austria: 3.53 %Austria3.53France: 3.53 %France3.53Spain: 3.45 %Spain3.45Netherlands: 3.04 %Netherlands3.04Luxembourg: 2.94 %Luxembourg2.94Latvia: 4.9 %Latvia4.9Lithuania: 4.81 %Lithuania4.81Estonia: 4.76 %Estonia4.76Malta: 4.57 %Malta4.57Greece: 4.47 %Greece4.47Ireland: 4.22 %Ireland4.22Slovakia: 4.19 %Slovakia4.19Bulgaria: 4.01 %Bulgaria4.01Cyprus: 3.91 %Cyprus3.91Portugal: 3.88 %Portugal3.88Germany: 3.78 %Germany3.78Finland: 3.76 %Finland3.76Slovenia: 3.69 %Slovenia3.69Italy: 3.65 %Italy3.65Croatia: 3.57 %Croatia3.57Belgium: 3.56 %Belgium3.56Austria: 3.53 %Austria3.53France: 3.53 %France3.53Spain: 3.45 %Spain3.45Netherlands: 3.04 %Netherlands3.04Luxembourg: 2.94 %Luxembourg2.94
%. 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 countriesApril 2026 (%)Change on April 2025
1Latvia4.9-0.49 pts
2Lithuania4.81+0.24 pts
3Estonia4.76-0.42 pts
4Malta4.57+0.22 pts
5Greece4.47+0.11 pts
6Ireland4.22-1.08 pts
7Slovakia4.19-0.26 pts
8Bulgaria4.01n/a
9Cyprus3.91-0.3 pts
10Portugal3.88-0.32 pts
11Germany3.78-0.16 pts
12Finland3.76+0.08 pts
13Slovenia3.69-0.75 pts
14Italy3.65-0.23 pts
15Croatia3.57-0.2 pts
16Belgium3.56-0.21 pts
17Austria3.53-0.23 pts
17France3.53-0.16 pts
19Spain3.45-0.09 pts
20Netherlands3.04-0.3 pts
21Luxembourg2.94-0.09 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, 2026-04) [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, 2026-04. 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=2026-04. 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, 2026-04. 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=2026-04.

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, 2026-04 [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=2026-04 (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, 2026-04}},
  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=2026-04. 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, 2026-04
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=2026-04
Y2  - 2026/10/12
N1  - Accessed via Invokely, https://invokely.ai/rankings/business-borrowing-cost/eu-countries?period=2026-04.
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 4.9% in April 2026, according to the European Central Bank.

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

Luxembourg, with 2.94% in April 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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