The chart above shows the ten-year interest rate in each EU state as of October 2021, the change from the previous month, and the rate one year prior. Three states have a negative interest rate (down from 7 last month and down from 14 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 4.96 percentage points (up from 4.37 last month and up from 3.90 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 the highest rate last year.
- The median long-term interest rate in the 28 EU states is 0.23 (up from 0.16 the previous month and up from 0.06 last year) and the mean 0.73 (up from 0.52 the previous month and up from 0.26 last year).
- Of the 28 states, 1 saw no change in the long-term interest rate from the previous month, 1 saw the rate decrease, and 26 saw the rate increase.
- Of the 28 states, 1 saw no change in the long-term interest rate from last year, 2 saw the rate decrease, and 25 saw the rate increase.
Caveats
- Data is from October 2020, September 2021, and October 2021.
- All figures are rounded to the nearest hundredth.
Details
Croatia saw the rate drop the most over the previous month dropping 0.05 percentage points. On the flip side, Poland saw the rate rise the most gaining 0.76 percentage points. Year over year, Croatia saw the rate drop the most with a 0.46 percentage point drop while Romania saw the rate rise the most gaining 1.46 percentage points.
Lithuania (from 15th lowest rate to 8th lowest rate) rose 7 spots over the course of the month. Conversely, Slovakia (from 4th to 7th) fell 3 spots.
Over the course of the year, Lithuania (from 15th to 8th) and Croatia (from 23rd to 16th) rose 7 spots. On the flip side, the United Kingdom (from 19th to 24th) fell 5 spots.
For reference, the United States' ten-year note was 0.78% in October 2020, 1.37% in September 2021, and 1.58% in October 2021, meaning that Czechia, Poland, Hungary, and Romania have higher rates than the US. Japan's ten-year rate was 0.03% in October 2020, 0.04% in September 2021, and 0.08% in October 2021 being bested by Germany, Luxembourg, the Netherlands, Austria, and Finland.
Data
| State | October 2020 | September 2021 | October 2021 |
|---|---|---|---|
| Austria | -0.4 | -0.08 | 0.08 |
| Belgium | -0.34 | 0.01 | 0.16 |
| Bulgaria | 0.2 | 0.15 | 0.25 |
| Croatia | 0.78 | 0.37 | 0.32 |
| Cyprus | 0.44 | 0.23 | 0.39 |
| Czechia | 0.94 | 1.9 | 2.34 |
| Denmark | -0.46 | -0.01 | 0.1 |
| Estonia | -0.08 | 0.03 | 0.18 |
| Finland | -0.38 | -0.07 | 0.08 |
| France | -0.3 | 0.04 | 0.2 |
| Germany | -0.61 | -0.36 | -0.21 |
| Greece | 0.9 | 0.8 | 0.96 |
| Hungary | 2.27 | 3.09 | 3.69 |
| Ireland | -0.22 | 0.07 | 0.22 |
| Italy | 0.77 | 0.78 | 0.96 |
| Latvia | -0.23 | 0.02 | 0.17 |
| Lithuania | 0.16 | 0.16 | 0.16 |
| Luxembourg | -0.54 | -0.37 | -0.2 |
| Malta | 0.38 | 0.57 | 0.67 |
| Netherlands | -0.53 | -0.34 | -0.18 |
| Poland | 1.26 | 1.87 | 2.63 |
| Portugal | 0.18 | 0.26 | 0.39 |
| Romania | 3.29 | 4 | 4.75 |
| Slovakia | -0.35 | -0.08 | 0.13 |
| Slovenia | -0.13 | 0.05 | 0.17 |
| Spain | 0.17 | 0.33 | 0.47 |
| Sweden | -0.03 | 0.27 | 0.38 |
| United Kingdom | 0.24 | 0.81 | 1.1 |
Sources
Eurostat. 2021. "EMU Convergence Criterion Series - Monthly Data." Accessed December 9, 2021. https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-055774_QID_189B8152_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 December 9, 2021. https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-054880_QID_4E33F0BE_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.