uprooted olive trees
File photo shows Israelis uprooting Palestinian olive trees
Israeli settlers have once again targeted the Palestinian economy by uprooting about 200 olive trees near the West Bank villages of Hawara and Ein Nabus.

The Saturday attack comes after another such incident occurred on Wednesday and Israeli settlers destroyed about 40 olive trees near the city of Hebron, AFP reported.

Israeli settlers have on numerous occasions targeted Palestinian olive trees. Olive oil is regarded as the backbone of the Palestinian economy.

Palestinian farmers plant 10,000 olive trees in the occupied territories annually.

The Palestinian Authority (PA) released a report on Thursday, which revealed the devastating economic effects that the illegal occupation has had on the West Bank and Gaza.

The report showed that the Palestinian economy has been deprived of nearly USD 4.4 billion a year due to the occupation.

"No matter what the Palestinian people achieve by our own efforts, the occupation prevents us achieving our potential as a free people in our own country," said Hasan Abu Libdeh, the PA Economy Minister.

Acting PA Chief Mahmoud Abbas officially submitted his bid for UN recognition of a Palestinian state to UN Secretary General Ban Ki-moon on September 23.