Seychelles was uninhabited prior to being encountered by Europeans in the 16th century. It faced competing French and British interests until coming under full British control in the late 18th century. Since proclaiming independence from the United Kingdom in 1976, it has developed from a largely agricultural society to a market-based diversified economy, characterized by rapidly rising service, public sector, and tourism activities. From 1976 to 2015, nominal GDP grew nearly 700%, and purchasing power parity nearly 1600%. Since the late 2010s, the government has taken steps to encourage foreign investment.