In 2011, activity progressed by 1.7% in France, the same rate as in 2010, after the all-time record fall in 2009 (-3.1%). In Q4 2010, GDP remained (slightly) below its pre-recession Q1 2008 level. The upturn in activity thus continued, but the French economy was hit by the shocks evoked above. Purchasing power slowed down in 2011: it progressed by +0.5% after +0.9% in 2010. The trade deficit widened to €56 billion in 2011, or 2.8% of GDP. Employment recovers increase: an annual average of 123,000 jobs were created, against -20,000 in 2010 and -365,000 in 2009. Finally, the government deficit as defined by Maastricht came to 5.2% of GDP, after 7.1% in 2010. At the end of 2011, debt as defined by Maastricht stood at €1,717.3 billion: it represented 86.0% of GDP.