Ceará does it again. The latest figures for economic growth during Q2 this year show the Northeast Brazil state outpacing the nation. And this time, Ceará beats economic growth in Brazil by over seven-fold.
Before the general downturn in the Brazilian economy, Ceará featured as a star performer in the country. The state regularly posted statistics well ahead of the rest. The latest figures for April to June clearly show that the state has regained its position at the top of the economic table.
Over seven ahead of economic growth in Brazil
Ceará already showed signs of strong recovery earlier this year. The state’s GDP results for the first three months stood at 1.33%.
Figures for Q2 are even better. Between April and June, the Ceará economy expanded by 2.17%, 0.84% more than Q1. In terms of year-on-year statistics to July, Ceará grew by 0.77%.
Ceará authorities hailed the GDP figures as excellent news for the state. They claim the 2.17% growth in Q2 clearly points to the state’s economic recovery. General consensus expects further growth for the rest of the year as Ceará consolidates its position.
“I would like to congratulate all parties and investors,” said the governor of Ceará, Camilo Santana after the results were published. He also announced that “Ceará is first in volume of investments, in fiscal balance, transparency and education” in Brazil.
Agriculture star performer
One of the biggest growth areas in the Ceará economy during Q2 was the agricultural and fisheries sector. This industry expanded by a massive 41.26% during Q2. Yet again, Ceará beat economic growth in Brazil where the same sector expanded by 14.9%.
Economists highlighted the spectacular growth at a time when Ceará is in the midst of a drought period. Expansion in agriculture was possible due to considerable investment in irrigation and optimising resources in farming.
Pecem Port continues to expand
Pecem Port is another major factor boosting economic growth in Ceará. The impact of the CSP steel manufacturing plant has been huge on the state economy. The export of steel plaques from Pecem Port now ranks as the largest export sector in the country.
So far this year, the Port has registered excellent figures for the local economy. Cargo handling rose to over 10.2 million tonnes between January and August. Imports into Ceará rose by 49% and exports by 183%.
Job creation soars
Ceará is also beating economic growth in Brazil in employment. The number of jobs created in the state in July was the most for 32 months. In addition, the number of new jobs in Ceará was the highest in Northeast Brazil and the fifth highest in Brazil.
“We have seen a significant improvement in our economy in absolute terms,” said Flavio Ataliba, director of the Institute of Research and Economic Strategy in Ceará (IPECE in Brazilian), announcing the figures for employment in July.
He pointed out that Ceará stood in the national rankings behind just Sao Paulo, a state with a much larger population, Mato Grosso and Goias, both major grain growers in Brazil and Amazonas. “Ceará, driven by production, was the country’s highlight,” he said.
(source: ceara.gov.br and IPECE)