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Background Discovered and claimed by Portugal in the late 15th century, the islands' sugar-based economy gave way to coffee and cocoa in the 19th century - all grown with plantation slave labor, a form of which lingered into the 20th century. While independence was achieved in 1975, democratic reforms were not instituted until the late 1980s. The country held its first free elections in 1991, but frequent internal wrangling between the various political parties precipitated repeated changes in leadership and two failed coup attempts in 1995 and 2003. The recent discovery of oil in the Gulf of Guinea promises to attract increased attention to the small island nation. Population 175,808 (July 2010 est.) Government type 2 provinces; Principe, Sao Tome Administrative divisions republic Independence Independence Day, 12 July (1975) International organization participation three horizontal bands of green (top), yellow (double width), and green with two black five-pointed stars placed side by side in the center of the yellow band and a red isosceles triangle based on the hoist side; red symbolizes the struggle for independence, the two stars represent the two main islands Economy - overview Market value of publicly traded shares light construction, textiles, soap, beer, fish processing, timber Agriculture - products 8% (2009 est.) Industries 19 million kWh (2007 est.) Industrial production growth rate 17.67 million kWh (2007 est.) Electricity - production 0 kWh (2008) Internet country code 24,800 (2008)