Portuguese politicians pin hopes on footwear industry
07/03/2013
In comments to Bloomberg, officials said they hoped traditional sectors such as footwear will help to reduce the country’s debt.
Public debt in Portugal is about 120% of gross domestic product, just below the level in Italy, while private debt is 250%, one of the highest levels in Europe.
Around 90% of Portuguese footwear is exported, and the shoes are the second-most expensive in the world, after Italian ones.
Portugal currently exports footwear to more than 80 markets around the world. Industry sources say the average price per pair has increased by 20% in the last four years and has now reached €25.
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