Buenos Aires, Argentina (CNN)Argentine President Mauricio Macri conceded defeat to his center-left rival Alberto Fernandez late Sunday after the first round of voting in the country's closely fought election.
Alberto Fernandez declares victory in Argentina election
Voters turned out in numbers to reject the austerity measures introduced by Macri as the country attempts to dig itself out of a deep economic crisis.
Inflation has ballooned to more than 50% year-on-year and the IMF forecasting that the country's GDP will shrink by 1.2% by the end of the year.
"I congratulated Fernandez and invited him to talk so that we could have an organized transition. The important thing is the future of all Argentinians," Macri said at his campaign headquarters.
The latest count put Fernandez ahead with 48% of votes compared to center-right Macri's 40.4%, with more than 95% of votes counted, according to figures from the National Electoral Directorate.
Fernandez needed 45% of votes or a 10% lead over his nearest rival to win.
Voter turnout was 80.8%, according to the National Electoral Directorate.
Fernandez, who ran on a ticket with former President Cristina Fernandez de Kirchner, will replace center-right Mauricio Macri in December.