* indicates monthly or quarterly data series

Stock market turnover ratio, 2020 - Country rankings:

The average for 2020 based on 60 countries was 36.56 percent.The highest value was in Turkey: 365.77 percent and the lowest value was in Luxembourg: 0.09 percent. The indicator is available from 1975 to 2020. Below is a chart for all countries where data are available.

Measure: percent; Source: The World Bank
Select indicator
* indicates monthly or quarterly data series


Countries Stock market turnover ratio, 2020 Global rank Available data
Turkey 365.77 1 1993 - 2020
China 258.55 2 2003 - 2020
South Korea 238.52 3 1979 - 2020
Japan 94.33 4 1975 - 2020
Thailand 88.61 5 1989 - 2020
Germany 79.42 6 1975 - 2020
India 74.95 7 2000 - 2020
Australia 71.27 8 1979 - 2020
Switzerland 65.33 9 1975 - 2020
Spain 64.46 10 1975 - 2020
Malaysia 56.95 11 1981 - 2020
Hong Kong 50.07 12 1975 - 2020
Poland 47.01 13 1995 - 2020
Hungary 40.41 14 2002 - 2020
Israel 39.93 15 1979 - 2020
Russia 39.81 16 2009 - 2020
Egypt 38.89 17 2006 - 2020
Canada 38.26 18 1977 - 2020
Iran 37.96 19 1975 - 2020
Greece 32.33 20 2001 - 2020
Vietnam 30.57 21 2008 - 2020
Austria 30.12 22 1975 - 2020
South Africa 27.94 23 1975 - 2020
Indonesia 26.44 24 1995 - 2020
Chile 21.53 25 1991 - 2020
Mexico 20.7 26 1978 - 2020
Saudi Arabia 19.98 27 2009 - 2020
New Zealand 16.79 28 1985 - 2020
Bangladesh 16.62 29 1993 - 2020
Czechia 15.89 30 1993 - 2020
Qatar 14.01 31 2007 - 2020
UA Emirates 12.72 32 2007 - 2020
Kuwait 12.42 33 1993 - 2020
Philippines 12 34 1996 - 2020
Romania 11.5 35 1998 - 2020
Sri Lanka 10.72 36 1999 - 2020
Colombia 9.41 37 2005 - 2020
Jordan 8.09 38 2007 - 2020
Oman 6.32 39 1993 - 2020
Palestine 5.51 40 1999 - 2020
Morocco 5.5 41 2010 - 2020
Slovenia 5.47 42 1997 - 2020
Mauritius 5.05 43 1993 - 2020
Nigeria 4.39 44 1993 - 2020
Lebanon 3.47 45 1996 - 2020
Peru 2.43 46 1997 - 2020
Bahrain 2.41 47 1996 - 2020
Kenya 2.26 48 1993 - 2020
Namibia 1.95 49 1994 - 2020
Costa Rica 1.59 50 1993 - 2020
Panama 1.51 51 1993 - 2020
Malta 1.41 52 2000 - 2020
Bulgaria 1.2 53 1993 - 2020
Kazakhstan 0.87 54 2002 - 2020
Cyprus 0.83 55 2006 - 2020
Jamaica 0.39 56 1993 - 2020
Ghana 0.35 57 1993 - 2020
Tanzania 0.29 58 1999 - 2020
Barbados 0.23 59 1993 - 2020
Luxembourg 0.09 60 1982 - 2020

Economic outlook around the world

Definition: Turnover ratio is the value of domestic shares traded divided by their market capitalization. The value is annualized by multiplying the monthly average by 12.
Discussion: The stock market turnover ratio equals “the value of all stock market trades (the number of transactions times their values) / the market value of all listed companies (the number of shares outstanding times their values)". As such, the ratio is a measure of how active the stock market is. A country may have many listed companies or large market capitalization but relatively few active trades. Conversely, there may be relatively few listed companies and relatively low market capitalization but many trades.

Looking at all countries with a stock market over the last ten years, the correlation between the market capitalization and the turnover ratio is about 0.5. The positive correlation means that, for the most part, larger markets are also relatively active. However, the correlation is not close to 1, i.e. high capitalization does not mean that a market is necessarily also very active.

Also, note that the turnover ratio has a positive correlation with another measure of stock market activity: Value traded which is the total volume of all stock market trades over a year divided by the GDP (not by the market capitalization). The correlation, however, is about 0.4 and not close to 1. Therefore, to assess how active a market is, one should look at both measures.


365.77
258.55
238.52
94.33
88.61
79.42
74.95
71.27
65.33
64.46
56.95
50.07
47.01
40.41
39.93
39.81
38.89
38.26
37.96
32.33
30.57
30.12
27.94
26.44
21.53
20.70
19.98
16.79
16.62
15.89
14.01
12.72
12.42
12.00
11.50
10.72
9.41
8.09
6.32
5.51
5.50
5.47
5.05
4.39
3.47
2.43
2.41
2.26
1.95
1.59
1.51
1.41
1.20
0.87
0.83
0.39
0.35
0.29
0.23
0.09
0
91.4
182.9
274.3
365.77
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