We were deeply saddened by the great earthquake disaster that our country experienced on February 6, 2023. As Aksa Akrilik, we have been trying to offer our best support to heal the wounds of the earthquake since the first day. In addition to its humanitarian dimension, we will work hard to provide support to our country's economy with our investments, employment and exports, to compensate for the economic damage.
We are leaving another year behind, with geopolitical developments, ongoing disruptions in the supply chain and the Russian-Ukrainian war acutely affecting the global economy. With the expansionary monetary policies of the countries, high inflation has returned to the global economic scene with the pandemic. In 2022, many central banks, especially the American Central Bank (FED) and the European Central Bank (ECB), have taken measures to protect household purchasing power as well as monetary policies.
A global recession is a vital possibility, as economists of the IMF, OECD and European Central Bank expect a slowdown below the 2.5-3% growth rate seen as the recession limit in the world economy in 2023.
It is predicted that these problems experienced by the world economy will also have negative effects on our country. Contrary to many countries, Turkey achieved a growth rate of 5.6% in 2022 because of expansionary monetary policies. The most talked about theme for our economy this year was inflation. Annual inflation, which started the year at 48%, reached 84% in CPI and 140% in PPI.
Depending on the 2023 elections, expansionary policies based on growth and the strong Turkish lira regime are expected to continue. In the face of the picture created by the global economy and policies, it is obvious that we stick to our cautious economic strategies, without losing the optimism in 2023.
Worldwide natural disasters, extreme weather events, natural resource crises left their mark on 2022. The importance of the steps taken and to be taken on a global and national scale within the scope of mitigating and adapting to climate change has been revealed once again.
Our Company's performance carries many positive data and developments that will make us and our country proud in a difficult period in general terms when global problems were influential. We closed the year 2022 by significantly improving our strong structure and continuous growth steps with new investments.
Thanks to its dynamic structure and corporate management culture, Aksa Akrilik has been among the companies that are shown as an example in terms of revenue growth as well, in our country. We completed the year with a capacity utilization rate of 94%, well above the sector. Our turnover rose more than twice compared to the previous period and reached TL 17.5 billion. Moreover, our market value, which has been growing every year, reached TL 29.8 billion in 2022, maintaining its place among the most valuable companies of Borsa Istanbul.
In addition to its rising turnover, our DowAksa carbon fiber production company continued its efforts to expand its capacity by 50%.
With the facility to be commissioned in the second quarter of 2023, DowAksa will become a notable supplier especially to the wind turbine industry. With the rising demand in the coming periods, our Company will follow the opportunities for cooperation in different fields as well as in existing sectors.
I would like to express my sincere thanks to all our coworkers who work with great energy and devotion, to our shareholders, customers and all our stakeholders who have always stood by us with their trust and support.
Raif Ali DİNÇKÖK
Chairman of the Board of Directors