The Caatinga dry forest encompasses 11% of the total continental territory of Brazil. Nevertheless, most research on the relationship between phenology and ecosystem productivity of Brazilian tropical forests is aimed at the Amazon basin. Thus, in this study we evaluated the seasonality of ecosystem productivity (gross primary production—GPP) in a preserved Caatinga environment in northeast Brazil. Analyses were carried out using eddy covariance measurements and satellite-derived data from sensor MODIS (MODerate Resolution Imaging Spectroradiometer, MOD17 and MOD13 products). In addition to GPP, we investigated water use efficiency (WUE) and meteorological and phenological aspects through remotely sensed vegetation indices (NDVI and EVI). We verified that ecosystem productivity is limited mainly by evapotranspiration, with maximum GPP values registered in the wetter months, indicating a strong dependency on water availability. NDVI and EVI were positively associated with GPP (r = 0.69 and 0.81, respectively), suggesting a coupling between the emergence of new leaves and the phenology of local photosynthetic capacity. WUE, on the other hand, was strongly controlled by consecutive dry days and not necessarily by total precipitation amount. The vegetation indices adequately described interannual variations of the forest response to environmental factors, and GPP MODIS presented a good relationship with tower-measured GPP in dry (R2 = 0.76) and wet (R2 = 0.62) periods.