* indicates monthly or quarterly data series

Stock market turnover ratio, 2022:

The average for 2022 based on 72 countries was 33.12 percent. The highest value was in China: 283.04 percent and the lowest value was in Luxembourg: 0.09 percent. The indicator is available from 1975 to 2022. 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, 2022 Global rank Available data
China 283.04 1 2003 - 2022
Turkey 270.99 2 1993 - 2022
South Korea 185.42 3 1979 - 2022
Brazil 162.65 4 2000 - 2022
Japan 108.88 5 1975 - 2022
Vietnam 95.25 6 2008 - 2022
Canada 81.95 7 1977 - 2022
Thailand 79.13 8 1989 - 2022
Germany 68.41 9 1975 - 2022
Australia 64.88 10 1979 - 2022
Hong Kong 62.38 11 1975 - 2022
Spain 54.5 12 1975 - 2022
India 53.7 13 2000 - 2022
Bangladesh 53.13 14 1993 - 2022
Switzerland 47.26 15 1975 - 2022
Poland 44.44 16 1995 - 2022
Israel 41.45 17 1979 - 2022
Hungary 39.43 18 2002 - 2022
Russia 38.21 19 2009 - 2022
Indonesia 31.93 20 1995 - 2022
Greece 31.6 21 2001 - 2022
Austria 30.39 22 1975 - 2022
Malaysia 28.98 23 1981 - 2022
Egypt 28.89 24 2006 - 2022
Kuwait 27.85 25 1993 - 2022
South Africa 26.69 26 1975 - 2022
Pakistan 26.53 27 1993 - 2022
Qatar 26.46 28 2007 - 2022
UK 25.34 29 1975 - 2022
Mexico 23.26 30 1978 - 2022
Czechia 19.63 31 1993 - 2022
Saudi Arabia 16.96 32 2009 - 2022
UA Emirates 16.77 33 2007 - 2022
Sri Lanka 15.89 34 1999 - 2022
Argentina 15.03 35 1977 - 2022
Iran 14.69 36 1975 - 2022
Chile 14.44 37 1991 - 2022
New Zealand 14.44 38 1985 - 2022
Philippines 10.92 39 1996 - 2022
Oman 10.39 40 1993 - 2022
Jordan 9.98 41 2007 - 2022
Palestine 9.66 42 1999 - 2022
Colombia 9.5 43 2005 - 2022
Romania 8.4 44 1998 - 2022
Tunisia 7.35 45 1995 - 2022
Bermuda 6.12 46 2000 - 2022
Morocco 5.71 47 2010 - 2022
Slovenia 5.08 48 1997 - 2022
Panama 4.03 49 1993 - 2022
Mauritius 2.84 50 1993 - 2022
Nigeria 2.44 51 1993 - 2022
Bulgaria 2.28 52 1993 - 2022
Kenya 2.18 53 1993 - 2022
Costa Rica 1.96 54 1993 - 2022
Peru 1.96 55 1997 - 2022
Namibia 1.66 56 1994 - 2022
Bahrain 1.42 57 1996 - 2022
Jamaica 1.4 58 1993 - 2022
Croatia 1.26 59 1994 - 2022
Armenia 0.97 60 2018 - 2022
Ghana 0.96 61 1993 - 2022
Malta 0.79 62 2000 - 2022
Kazakhstan 0.77 63 2002 - 2022
Cyprus 0.71 64 2006 - 2022
Seychelles 0.65 65 2018 - 2022
Rwanda 0.49 66 2018 - 2022
Tanzania 0.44 67 1999 - 2022
Zambia 0.38 68 1995 - 2022
Belarus 0.31 69 2014 - 2022
Botswana 0.29 70 1994 - 2022
Azerbaijan 0.16 71 2019 - 2022
Luxembourg 0.09 72 1982 - 2022



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.



Selected articles from our guide:

What factors determine the exchange rates

International lending and sovereign debt

Are trade deficits bad for the economy?

The unholy trinity of international finance

Most commonly used measures of corruption

All articles

283.04
270.99
185.42
162.65
108.88
95.25
81.95
79.13
68.41
64.88
62.38
54.50
53.70
53.13
47.26
44.44
41.45
39.43
38.21
31.93
31.60
30.39
28.98
28.89
27.85
26.69
26.53
26.46
25.34
23.26
19.63
16.96
16.77
15.89
15.03
14.69
14.44
14.44
10.92
10.39
9.98
9.66
9.50
8.40
7.35
6.12
5.71
5.08
4.03
2.84
2.44
2.28
2.18
1.96
1.96
1.66
1.42
1.40
1.26
0.97
0.96
0.79
0.77
0.71
0.65
0.49
0.44
0.38
0.31
0.29
0.16
0.09
0
70.8
141.5
212.3
283.04


This site uses cookies.
Learn more here


OK