Argentina shifted to the left on Sunday as Peronist candidate Alberto Fernandez won the South American country’s presidential election amid broad discontent over austerity in the crisis-stricken economy.

Fernandez secured 47.8% of the vote against conservative incumbent Mauricio Macri"s 41.7%, according to preliminary results with more than 90% of the vote counted. Macri conceded defeat once it was clear his center-left challenger cleared the 45% threshold to avoid a runoff.

Voters also chose 130 lower house seats and 24 senators in Congress, regional mayors and some governors.

Macri came to power in 2015 promising economic liberalization and growth. Instead, Argentina is in a deep recession, annual inflation stands at over 50% and a third of the population lives below the poverty line.