Though fewer than half the votes had been counted, challenger Miguel Vargas Maldonado announced he has accepted his defeat in Friday's election, El Caribe newspaper reported online Saturday.

As of Saturday, results showed Fernandez had won 53 percent of the votes counted.

Until 2002, laws governing elections in the Caribbean nation had disallowed presidents from seeking a second consecutive term in office.

Fernandez first served as president from 1996-2000 and then was elected again in 2004.

He is widely credited for jumpstarting the Dominican Republic's sagging economy and working to reduce unemployment.