BERLIN, March 14 (Xinhua) -- The number of company insolvencies in Germany has fallen to a record low level in 2017 due to the country's good economy, official data by the Federal Statistical Office showed on Wednesday.

A total of 20,093 business insolvencies have been reported last year, representing a decline of 6.6 percent year on year, according to the figures by the Federal Statistical Office.

"The number of business insolvencies thus reached the lowest level since the enactment of the Insolvency Statute in 1999," the Wiesbaden-based statisticians noted.

An increase in the number of business insolvencies last time was recorded in the year of 2009 because of financial crisis.

Germany's GDP grew by 2.2 percent in 2017, the biggest increase measured since 2011. Moreover, the German government has forecast that GDP growth would reach 2.4 percent in 2018.