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

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

Estonia had the highest composite cost of borrowing for non-financial corporations of 21 EU countries in June 2026, at 4.95%. Luxembourg had the lowest, at 3.21%. The median was 4%. Source: the European Central Bank.

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Highest4.95Estonia
Lowest3.21Luxembourg
Median421 EU countries

Map of EU countries, June 2026

Austria: 3.63 %Belgium: 3.77 %Bulgaria: 4.15 %Cyprus: 4.01 %Germany: 4 %Estonia: 4.95 %Spain: 3.55 %Finland: 3.59 %France: 3.67 %Greece: 4.32 %Croatia: 3.62 %Ireland: 4.16 %Italy: 3.77 %Lithuania: 4.93 %Luxembourg: 3.21 %Latvia: 4.9 %Malta: 4.85 %Netherlands: 3.29 %Portugal: 4.17 %Slovenia: 3.88 %Slovakia: 4.35 %
  • Under 3.6
  • 3.6 to 3.8
  • 3.8 to 4.2
  • 4.2 to 4.3
  • 4.3 and over
  • No data
%, June 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, June 2026

Estonia: 4.95 %Estonia4.95Lithuania: 4.93 %Lithuania4.93Latvia: 4.9 %Latvia4.9Malta: 4.85 %Malta4.85Slovakia: 4.35 %Slovakia4.35Greece: 4.32 %Greece4.32Portugal: 4.17 %Portugal4.17Ireland: 4.16 %Ireland4.16Bulgaria: 4.15 %Bulgaria4.15Cyprus: 4.01 %Cyprus4.01Germany: 4 %Germany4Slovenia: 3.88 %Slovenia3.88Belgium: 3.77 %Belgium3.77Italy: 3.77 %Italy3.77France: 3.67 %France3.67Austria: 3.63 %Austria3.63Croatia: 3.62 %Croatia3.62Finland: 3.59 %Finland3.59Spain: 3.55 %Spain3.55Netherlands: 3.29 %Netherlands3.29Luxembourg: 3.21 %Luxembourg3.21Estonia: 4.95 %Estonia4.95Lithuania: 4.93 %Lithuania4.93Latvia: 4.9 %Latvia4.9Malta: 4.85 %Malta4.85Slovakia: 4.35 %Slovakia4.35Greece: 4.32 %Greece4.32Portugal: 4.17 %Portugal4.17Ireland: 4.16 %Ireland4.16Bulgaria: 4.15 %Bulgaria4.15Cyprus: 4.01 %Cyprus4.01Germany: 4 %Germany4Slovenia: 3.88 %Slovenia3.88Belgium: 3.77 %Belgium3.77Italy: 3.77 %Italy3.77France: 3.67 %France3.67Austria: 3.63 %Austria3.63Croatia: 3.62 %Croatia3.62Finland: 3.59 %Finland3.59Spain: 3.55 %Spain3.55Netherlands: 3.29 %Netherlands3.29Luxembourg: 3.21 %Luxembourg3.21
%. 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 countriesJune 2026 (%)Change on June 2025
1Estonia4.95+0.13 pts
2Lithuania4.93+0.38 pts
3Latvia4.9+0.24 pts
4Malta4.85+0.2 pts
5Slovakia4.35+0.22 pts
6Greece4.32+0.17 pts
7Portugal4.17+0.37 pts
8Ireland4.16-0.88 pts
9Bulgaria4.15n/a
10Cyprus4.01-0.02 pts
11Germany4+0.21 pts
12Slovenia3.88+0.42 pts
13Belgium3.77+0.25 pts
13Italy3.77+0.07 pts
15France3.67+0.16 pts
16Austria3.63-0.02 pts
17Croatia3.62+0.05 pts
18Finland3.59+0.08 pts
19Spain3.55+0.28 pts
20Netherlands3.29+0.26 pts
21Luxembourg3.21-0.03 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, 2026-06) [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, 2026-06. 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=2026-06. 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, 2026-06. 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=2026-06.

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, 2026-06 [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=2026-06 (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, 2026-06}},
  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=2026-06. 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, 2026-06
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=2026-06
Y2  - 2026/10/12
N1  - Accessed via Invokely, https://invokely.ai/rankings/business-borrowing-cost/eu-countries?period=2026-06.
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?

Estonia, with 4.95% in June 2026, according to the European Central Bank.

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

Luxembourg, with 3.21% in June 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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