Alberto Fernandez Photo: AFP

Argentina's Peronists swept back into power on Sunday, ousting conservative President Mauricio Macri in an election result that shifts Latin America's No.3 economy firmly back toward the left after it was battered by economic crisis.

Peronist Alberto Fernandez had 47.79 percent of the vote, ahead of Macri's 40.71 percent, with more than 90 percent of ballots counted, putting the center-left challenger over the 45 percent threshold to avoid a runoff and win the election outright.

Macri, speaking at his election party, conceded the race and congratulated Fernandez. He said he had invited Fernandez to the presidential palace on Monday to discuss an orderly transition, seen as essential for Argentina's shaky economy and markets.

Fernandez, speaking afterward alongside running mate Cristina Fernandez de ­Kirchner, said he would meet Macri and collaborate with the outgoing leader "in any way we can."

"The times ahead are not easy," he told cheering supporters at his election party. "But of course we will collaborate in everything we can, because the only thing that concerns us is that Argentines stop suffering once and for all."

Raucous crowds cheered at Fernandez's election headquarters, with the mood far more muted across the city at Macri's election camp, even though his "Together for Change" coalition performed much more strongly than many polls had expected.

A candidate needs 45 percent of the vote, or 40 percent with a 10-point lead over the runner-up, to avoid a second round.

Fernandez had been the heavy favorite since winning a landslide victory in primaries in August. He extended that lead in pre-election opinion polls.

"China congratulates Mr Fernandez on his election as the new president of Argentina," Chinese Foreign Ministry Spokesperson Geng Shuang told a daily press conference on Monday. "I believe that under his leadership, Argentina's ­national construction and development will attain new achievements."