Entrepreneurship in Europe & Central Asia

50 countries in Europe & Central Asia report new business density data. Isle of Man leads the region at 33.58 new businesses per 1,000 adults, and the regional median is 4.31. Here is the full ranking.

#	Country	New business density
1	Isle of Man	33.58
2	Estonia	26.76
3	Luxembourg	19.61
4	United Kingdom	19.19
5	Montenegro	17.86
6	Liechtenstein	15.57
7	Croatia	15.21
8	Portugal	11.00
9	Iceland	10.86
10	Bulgaria	10.46
11	Kosovo	8.35
12	Norway	8.32
13	Georgia	7.62
14	Romania	7.47
15	Sweden	7.08
16	Latvia	7.02
17	Denmark	6.85
18	France	6.82
19	Ireland	6.65
20	Finland	5.97
21	Slovak Republic	5.68
22	Belgium	5.31
23	North Macedonia	5.18
24	Moldova	4.89
25	Czechia	4.31
26	Armenia	4.12
27	Hungary	3.83
28	Spain	3.67
29	Netherlands	3.41
30	Kazakhstan	3.35
31	Switzerland	3.13
32	Italy	3.09
33	Uzbekistan	2.79
34	Slovenia	2.62
35	Greece	2.45
36	Poland	2.38
37	Albania	2.29
38	Russian Federation	2.28
39	Kyrgyz Republic	2.15
40	Lithuania	2.13
41	Serbia	2.12
42	Cyprus	2.08
43	Azerbaijan	2.00
44	Turkiye	1.98
45	Ukraine	1.65
46	Bosnia and Herzegovina	1.64
47	Germany	1.44
48	Belarus	1.27
49	Austria	1.00
50	Tajikistan	0.15

Ranked by new business density, the most recent year each country reports. Updated 01 July 2026.