Spain - Stocks traded, turnover ratio of domestic shares (%)

The value for Stocks traded, turnover ratio of domestic shares (%) in Spain was 64.46 as of 2020. As the graph below shows, over the past 45 years this indicator reached a maximum value of 318.33 in 2001 and a minimum value of 5.36 in 1980.

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.

Source: World Federation of Exchanges database.

See also:

Year Value
1975 5.44
1976 8.18
1978 11.97
1979 6.44
1980 5.36
1981 9.21
1982 10.81
1983 10.95
1984 17.27
1985 19.12
1986 32.31
1987 57.48
1988 28.90
1989 32.24
1990 40.59
1991 32.60
1992 32.76
1993 38.25
1994 44.71
1995 34.60
1996 42.97
1997 65.48
1998 93.53
1999 238.07
2000 314.06
2001 318.33
2002 98.26
2003 85.14
2004 91.52
2005 102.24
2006 113.27
2007 126.59
2008 182.12
2009 89.09
2010 117.30
2011 109.37
2012 86.86
2013 81.94
2014 99.88
2015 124.29
2016 97.84
2017 82.62
2018 86.18
2019 62.74
2020 64.46

Development Relevance: Stock market size can be measured in various ways, and each may produce a different ranking of countries. The development of an economy's financial markets is closely related to its overall development. Well-functioning financial systems provide good and easily accessible information which can lower transaction costs and subsequently improve resource allocation and boosts economic growth. Both banking systems and stock markets enhance growth, the main factor in poverty reduction. At low levels of economic development commercial banks tend to dominate the financial system, while at higher levels domestic stock markets tend to become more active and efficient relative to domestic banks. Open economies with sound macroeconomic policies, good legal systems, and shareholder protection attract capital and therefore have larger financial markets. Recent research on stock market development shows that modern communications technology and increased financial integration have resulted in more cross-border capital flows, a stronger presence of financial firms around the world, and the migration of stock exchange activities to international exchanges. Many firms in emerging markets now cross-list on international exchanges, which provides them with lower cost capital and more liquidity-traded shares. However, this also means that exchanges in emerging markets may not have enough financial activity to sustain them, putting pressure on them to rethink their operations.

Limitations and Exceptions: 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.

Statistical Concept and Methodology: Turnover ratio is the value of electronic order book (EOB) domestic shares traded divided by their market capitalization. The value is annualized by multiplying the monthly average by 12, according to the following formula: (Monthly EOB domestic shares traded / Month-end domestic market capitalization) x 12.

Aggregation method: Weighted average

Periodicity: Annual

General Comments: Stock market data were previously sourced from Standard & Poor's until they discontinued their "Global Stock Markets Factbook" and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and

Classification

Topic: Financial Sector Indicators

Sub-Topic: Capital markets