France was able to cut its public deficit only to 4.8% of GDP last year from 5.3% in 2011 amid stagnant economic activity, overshooting the official target by 0.3 point, the national statistics institute Insee estimated Friday. Public debt continued to mount, rising by E116.9 billion in Maastricht terms to E1.834 trillion or 90.2% of GDP from 85.8% in 2011. Central government debt alone increased by E104.6 billion to E1.440 trillion. The social security system posted an increase of E5.7 billion to E210.3 billion. The public deficit declined by E7.2 billion last year to E98.2 billion. Public spending expanded by E32.6 ... (full story)