Socialist challenger Francois Hollande has ousted conservative incumbent Nicolas Sarkozy in France's presidential election.

The Interior Ministry said with 83 percent of the polls reporting, Hollande led Sarkozy by 51.3 percent to 48.7 percent.

Hollande's victory marks the first time in 17 years for France to have a leftist ruling party since former President François Mitterrand of the Socialist Party left office in 1995.

During campaigning, Hollande consistently made the case of handing down judgment on the incumbent administration. He promised to slap heavy taxes on high-income earners, create jobs for young people and raise the minimum wage.

He's also against Sarkozy's monetary tightening and stresses economic growth. Therefore, changes will be inevitable to the new fiscal treaty pursued by the European Union known as the Fiscal Compact.