Describing and understanding growth patterns in tropical forests is crucial to assessing their role in carbon balance. Growth and vital rates of a protected gallery forest in central Brazil were estimated, based on six measurement intervals between 1985 and 2009. The sample consisted of all stems ≥ 10 cm diameter at breast height measured in 151 permanent plots (10 × 20 m), distributed in 10 transects perpendicular to the watercourse and 100 m apart from each other. Statistical significance of changes in density, basal area, growth and vital rates were tested using Wilcoxon signed-rank tests. Vital rates oscillated during the study period. Growth, recruitment and turnover rates fluctuated, but had a net decrease over the whole study period, whereas mortality seemed to be affected by a high disturbance event during the 1994–1999 period. The oscillatory behaviour of growth suggests that the forest is pulsating around a stable state (dynamic equilibrium). Nonetheless, persistence of decelerating growth trends may force the site's carrying capacity to a lower density or biomass state.