Business & Markets · Stock market capitalisation · Zambia
Zambia’s stock market capitalisation rose to 51.6% of GDP in 2025.
51.6% of GDP
2025
Up 20.9 pp from 2024.
Updated 8 Oct 2026
In plain words
51.6% of GDP
What it is. Stock market capitalisation adds up the market value of all domestic companies listed on the exchange, meaning share prices multiplied by shares in issue, and divides the total by the size of the economy. Because it moves with share prices, it can swing sharply without any change in the underlying businesses. Foreign-listed firms and unlisted companies are left out, so it covers only the part of the economy that is traded on the exchange.
Higher is better. A higher share of GDP means listed firms are worth more relative to the economy, which usually goes with easier access to equity funding and a deeper market for savers. Zambia's latest figure is 51.6% of GDP for 2025, up from 30.7% of GDP a year earlier, a rise of 20.9 percentage points. That is the highest reading since 2004, the start of the series. The lowest in the same span was 12.5% of GDP in 2023, so the ratio has more than quadrupled in two years.
Why it matters. At 51.6% of GDP, listed Zambian companies carry a much larger valuation than they did two years ago, which raises the wealth of investors who hold shares and makes it cheaper for firms to raise money by issuing equity. Because the ratio follows share prices, the gain can reverse if prices fall. The state also gains a broader market for any future sales of its stakes in listed companies.
| Period | Stock market capitalisation · Zambia |
|---|---|
| 2004 | 26.5% of GDP |
| 2005 | 30.2% of GDP |
| 2006 | 23.1% of GDP |
| 2011 | 13.6% of GDP |
| 2020 | 15% of GDP |
| 2021 | 18.3% of GDP |
| 2022 | 13.8% of GDP |
| 2023 | 12.5% of GDP |
| 2024 | 30.7% of GDP |
| 2025 | 51.6% of GDP |
Source: World Bank, World Development Indicators (CC BY 4.0) · Licence: CC BY 4.0
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Strata-AF™ Data, Stock market capitalisation, Zambia, 2025; source World Bank, World Development Indicators (CC BY 4.0), retrieved 8 Oct 2026; https://data.strata-af.com/business/stock-market-capitalisation/zambia
Data insights · Worked out from the published figures
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Working this out from the published figures…
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Methodology
Market capitalisation of listed domestic companies as a share of GDP. Unit: % of GDP.
Source: World Bank, World Development Indicators (series CM.MKT.LCAP.GD.ZS), retrieved through the World Bank API and published under CC BY 4.0. Updated annually; the World Bank's own source notes apply.