Santiago Peña, the governing conservative Colorado party candidate, has won the presidential election in Paraguay.

The 44-year-old had 42.8 per cent of votes, with nearly all ballots counted, the national electoral authority said on Sunday.

According to the electoral authority, Mr Peña, a former finance minister, had a 15-point lead over centre-left rival Efraín Alegre, 60, from the Concertacion coalition.

Over the past 76 years, Partido Colorado has lost just one election in the South American country – it was not in power from 2008 to 2013.

Five years ago, Alegre lost to Mario Abdo Benítez, the outgoing incumbent.

Abdo Benítez was not allowed to stand again for constitutional reasons – the president is only allowed one term.

Paraguay has almost seven million inhabitants and, along with Bolivia, is the only country in South America without access to the sea.

Its main exports are soy, electricity and beef.

In addition to the president, the Senate, the Chamber of Deputies and governors were newly elected on Sunday.

According to the electoral authority, the Colorado party also appeared to have defended its majority in parliament.

(dpa/NAN)