Francois Hollande |
Mr Hollande - who got an estimated 52% of votes in Sunday's run-off - said the French had chosen "change".
Admitting defeat, centre-right incumbent Nicolas Sarkozy wished "good luck" to Mr Hollande.
Analysts say the vote has wide implications for the whole eurozone. Mr Hollande has vowed to rework a deal on government debt in member countries.
Shortly after polls closed at 20:00 (18:00), French media published projections based on partial results giving Mr Hollande a lead of almost four points.
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Nicolas Sarkozy says Francois Hollande must be respected as the new president
Exuberant Hollande supporters gathered on Place de la Bastille in Paris - a traditional rallying point of the Left - to celebrate.
SOURCE: BBC News
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