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Traffic accidents cost RD$50 billion a year
posted on: Jun 18 2010 10:38 by Royston. Viewed 623 times.
A recent study finds that each year the Dominican economy loses almost RD$50,000 million pesos due to traffic accidents, equivalent to 2.84% of GDP.
The report entitled "Economic Impact of Traffic Accidents in the Dominican Republic" was prepared with statistics on accidents reported by official institutions in 2008 and Central Bank data, which quantifies the Gross Domestic Product (GDP), which for that year was 1.6 trillion pesos (US$45,717 million).
The data showed that for that period, there were 44.547 traffic accidents in which 2.358 people died; 5.300 were slightly injured and 2,200 seriously injured.
Traffic accidents cause fatalities, injuries, absenteeism and loss of property to the public and private property, and for each accident it was calculated that the cost was RD$36,000 per capita per year.
The study showed that the economy lost some RD$37,764 million due to the 2,358 fatalities. Medical care for injured victims came to RD$3,492 million and the bill for absenteeism RD$6,480 million.
For disability resulting from accidents, there was a cost of RD$2,340 million and property damage was put at US$53.4 million.
The calculations were based on the loss to the State of income which would have been generated by victims until they were 65 years old.
The reports conclusions suggest that penalties for violations of traffic laws need to be a real deterrent and also that there needs to be a rationalization of the various disparate bodies responsible for road traffic laws and management.
The main underlying causes of traffic accidents were identified as; 80% due to human negligence or recklessness, 12% attributed to vehicle deficiencies, and 18% due to poor road quality.
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