Sub-Saharan Africa (excluding high income): Stocks traded, turnover ratio of domestic shares (%)

Key figures

What the numbers say

In 2024, Sub-Saharan Africa (excluding high income)'s stocks traded, turnover ratio of domestic shares (%) fell 0.04 percentage points on 2023 (from 23.78% to 23.74%).

Across the 30 yearly changes before that (1994 to 2023), the average change was +0.67 percentage points and a typical year strayed about 6.91 percentage points from that (the standard deviation). This year's change was 0.1 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 15.38 percentage points in 2018 and the biggest yearly fall was 14.39 percentage points in 2009. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2015 to 2024 the straight-line trend is downward, about 1.11 percentage points a year. A straight line explains 35% of the movement over 10 observed years.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

See how every economy compares in the full ranking.

What this measures

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.

Limitations: Data cover measures of size (market capitalization, number of listed domestic companies) and liquidity (value of shares traded as a percentage of gross domestic product, value of shares traded as a percentage of market capitalization). The comparability of such data across countries may be limited by conceptual and statistical weaknesses, such as inaccurate reporting and differences in accounting standards. Only domestic shares are used in order to be consistent with domestic market capitalization.

Regional and income-group figures are computed by the World Bank as a weighted average.

All 49 values

Stocks traded, turnover ratio of domestic shares (%) in nearby economies

• Bahrain — 3.93% (2024)
• Egypt, Arab Rep. — 47.65% (2024)
• Iran, Islamic Rep. — 10.97% (2024)
• Israel — 14.04% (2024)
• Jordan — 6.06% (2024)
• Kuwait — 32.79% (2024)
• Lebanon — 3.34% (2021)
• Malta — 1.25% (2024)
• Morocco — 8.08% (2024)
• Oman

More financial sector data for Sub-Saharan Africa (excluding high income)

• Inflation, GDP deflator (annual % growth) — 4.3% (2025)
• Broad money (% of GDP) — 42.55% (2025)
• Domestic credit to private sector by banks (% of GDP) — 24.71% (2023)
• Monetary sector credit to private sector (% of GDP) — 24.81% (2023)
• Claims on central government, etc. (% of GDP) — 12.88% (2023)
• Domestic credit to private sector (% of GDP) — 31.68% (2023)
• Inflation, consumer prices (annual % growth) — 3.46% (2025)
• Bank liquid reserves to bank assets ratio (%)

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Questions people ask

What is Sub-Saharan Africa (excluding high income)'s stocks traded, turnover ratio of domestic shares (%)?

23.74% in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1976?

It is up 19.97 percentage points from 3.77% in 1976. The highest value was 40.37% in 2018 and the lowest 3.33% in 1982.

Is the latest change in stocks traded, turnover ratio of domestic shares (%) unusual for Sub-Saharan Africa (excluding high income)?

In 2024, Sub-Saharan Africa (excluding high income)'s stocks traded, turnover ratio of domestic shares (%) fell 0.04 percentage points on 2023 (from 23.78% to 23.74%). Across the 30 yearly changes before that (1994 to 2023), the average change was +0.67 percentage points and a typical year strayed about 6.91 percentage points from that (the standard deviation). This year's change was 0.1 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Source

World Bank, World Development Indicators, indicator CM.MKT.TRNR, licensed CC BY 4.0. Original source: World Federation of Exchanges database, World Federation of Exchanges (WFE) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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