On the back of impressive industrial growth, the Ceará economy has outpaced the Brazilian yet again. The latest figures for Q2 show that GDP in Ceará rose by over 18%, almost 6% more than the national economy. Civil construction and services saw particularly significant increases.
18.34% for Ceará economy in Q2
The latest statistics for the Ceará economy provide figures for Q2 this year and show that the state has experienced strong growth over the last year. Between June 2020 and June 2021, Ceará’s GDP saw a rise of 18.34%.
Brazilian GDP grew by 12.4% in the same period, almost 6% lower than Ceará, repeating a pattern seen over the last few years. In addition, Ceará will outpace the country as a whole by the end of the year too. The latest estimates from the state economic department (IPECE) predict 6.24% growth for 2021 compared to a forecast of 5.02% for Brazil.
Industry is star performer
The main reason for the 18.34% rise in Ceará GDP lies in the industrial sector. It grew by almost 44.96% in the 12 months to June, far ahead of the Brazilian average (17.8%).
Most areas of industry experienced robust growth, but civil construction was a stand-out performer. This sector saw an increase of 39.08% on the back of the booming property market in Ceará.
New launches form the backbone of civil construction in the state as developers attempt to alleviate the lack of supply. High-end properties are in particular demand in both Fortaleza and coastal areas.
Services also posted excellent results in Q2 in Ceará. They grew by 15.94%, over 5% higher than the national average.
Ceará outpaces Brazil on all fronts
Ceará is no stranger to better economic results than Brazil as a whole. The state’s GDP figures exceeded those for Brazil in quarterly terms as well. While the Brazilian economy saw a slight dip in Q2 when it fell by 0.1%, Ceará grew by 0.8%.
And the same pattern has emerged for the Brazil and Ceará economies so far this year. Brazil saw 6.4% GDP growth between January and July, a figure that Ceará outpaced with 8.65% growth.