The chart above shows the ten-year interest rate in each EU state as of July 2021, the change from the previous month, and the rate one year prior. Nine states have a negative interest rate (up from 4 last month and down from 12 last year).
Findings
- The difference (spread) between the state with the lowest long-term interest rate, Germany, and the state with the highest, Romania, is 3.69 percentage points (up from 3.44 last month and down from 4.46 last year). Luxembourg had the lowest rate last month and Germany had the lowest rate last year. Romania had the highest rate last month and last year.
- The median long-term interest rate in the 28 EU states is 0.15 (down from 0.17 the previous month and up from 0.12 last year) and the mean 0.44 (down from 0.53 the previous month and up from 0.43 last year).
- Of the 28 states, 2 saw no change in the long-term interest rate from the previous month, 24 saw the rate decrease, and 2 saw the rate increase.
- Of the 28 states, 1 saw no change in the long-term interest rate from last year, 9 saw the rate decrease, and 18 saw the rate increase.
Caveats
- Data is from July 2020, June 2021, and July 2021.
- All figures are rounded to the nearest hundredth.
Details
Sweden saw the rate drop the most over the previous month dropping 0.18 percentage points. On the flip side, Romania saw the rate rise the most gaining 0.13 percentage points. Year over year, Cyprus and Romania saw the rate drop the most with a 0.70 percentage point drop while Czechia saw the rate rise the most gaining 0.86 percentage points.
Ireland (from 15th lowest rate to 10th lowest rate) rose 5 spots over the course of the month. Conversely, Bulgaria (from 10th to 13th) fell 3 spots.
Over the course of the year, Bulgaria (from 19th to 13th) rose 6 spots. On the flip side, the United Kingdom (from 15th to 22nd) fell 7 spots.
For reference, the United States' ten-year note was 0.62% in July 2020, 1.51% in June 2021, and 1.31% in July 2021, meaning that Poland, Czechia, Hungary, and Romania have higher rates than the US. Japan's ten-year rate was 0.02% in July 2020, 0.06% in June 2021, and 0.02% in July 2021 being bested by Germany, Luxembourg, the Netherlands, Slovakia, Austria, Finland, Denmark, and Belgium.
Data
| State | July 2020 | June 2021 | July 2021 |
|---|---|---|---|
| Austria | -0.25 | 0.02 | -0.13 |
| Belgium | -0.17 | 0.12 | -0.03 |
| Bulgaria | 0.5 | 0.14 | 0.14 |
| Croatia | 0.97 | 0.49 | 0.45 |
| Cyprus | 0.95 | 0.36 | 0.25 |
| Czechia | 0.86 | 1.67 | 1.72 |
| Denmark | -0.34 | 0.11 | -0.05 |
| Estonia | 0.05 | 0.13 | 0.09 |
| Finland | -0.21 | -0.02 | -0.1 |
| France | -0.15 | 0.15 | -0.01 |
| Germany | -0.52 | -0.29 | -0.45 |
| Greece | 1.14 | 0.81 | 0.7 |
| Hungary | 2.23 | 2.85 | 2.83 |
| Ireland | -0.05 | 0.18 | 0.03 |
| Italy | 1.2 | 0.88 | 0.75 |
| Latvia | -0.17 | 0.14 | 0.09 |
| Lithuania | 0.16 | 0.16 | 0.16 |
| Luxembourg | -0.43 | -0.33 | -0.4 |
| Malta | 0.64 | 0.5 | 0.49 |
| Netherlands | -0.39 | -0.24 | -0.38 |
| Poland | 1.33 | 1.78 | 1.61 |
| Portugal | 0.4 | 0.43 | 0.27 |
| Romania | 3.94 | 3.11 | 3.24 |
| Slovakia | -0.16 | 0.03 | -0.14 |
| Slovenia | 0.09 | 0.15 | 0.14 |
| Spain | 0.37 | 0.45 | 0.33 |
| Sweden | -0.07 | 0.36 | 0.18 |
| United Kingdom | 0.15 | 0.76 | 0.62 |
Sources
Eurostat. 2021. "EMU Convergence Criterion Series - Monthly Data." Accessed September 3, 2021. https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-055774_QID_-36CF58E1_UID_-3F171EB0&layout=TIME,C,X,0;GEO,L,Y,0;INT_RT,L,Z,0;INDICATORS,C,Z,1;&zSelection=DS-055774INDICATORS,OBS_FLAG;DS-055774INT_RT,MCBY;&rankName1=INDICATORS_1_2_-1_2&rankName2=INT-RT_1_2_-1_2&rankName3=TIME_1_0_0_0&rankName4=GEO_1_2_0_1&sortC=ASC_-1_FIRST&rStp=&cStp=&rDCh=&cDCh=&rDM=true&cDM=true&footnes=false&empty=false&wai=false&time_mode=NONE&time_most_recent=false&lang=EN&cfo=%23%23%23%2C%23%23%23.%23%23%23.
Eurostat. 2021. "Government Bond Yields, Ten Years' Maturity - Monthly Data." Accessed September 3, 2021. https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-054880_QID_B3FB107_UID_-3F171EB0&layout=TIME,C,X,0;GEO,L,Y,0;MATURITY,L,Z,0;INDICATORS,C,Z,1;&zSelection=DS-054880INDICATORS,OBS_FLAG;DS-054880MATURITY,Y10;&rankName1=MATURITY_1_2_-1_2&rankName2=INDICATORS_1_2_-1_2&rankName3=TIME_1_0_0_0&rankName4=GEO_1_2_0_1&sortC=ASC_-1_FIRST&rStp=&cStp=&rDCh=&cDCh=&rDM=true&cDM=true&footnes=false&empty=false&wai=false&time_mode=NONE&time_most_recent=false&lang=EN&cfo=%23%23%23%2C%23%23%23.%23%23%23.