Francois Hollande on giant screen behind supporters after winning the second round of the presidential election on May 6, 2012 in Tulle, France (AFP Photo / Phillipe Desmazes)
Source: Russia Today
First official results show Socialist candidate Francois Hollande defeated incumbent President Nicolas Sarkozy, who managed to secure only 48.1 percent of the votes. Sarkozy has conceded defeat, asking for Hollande's victory to be respected.
The estimates were carried by French media after all polling stations closed at 2000 (18:00 GMT).
Hollande will be the first French socialist president since 1995.
The socialist candidate capitalized on France's economic woes and President Sarkozy's unpopularity. He has also promised to raise taxes on big corporations and people earning more than 1m euros a year, and lower the retirement age to 60.
Sarkozy, who has been in office since 2007, had promised to reduce France's large budget deficit through budget cuts.
It is only the second time an incumbent president fails to win re-election since the start of France Fifth Republic in 1958.
Hollande is expected to be inaugurated later this month.
Analysts suggest this election result could have great implications on the entire Eurozone.
Numbers showed this presidential election was one of the most popular among voters, with turnout reaching a record high of over 80 percent.