Prime Minister concedes defeat following election result announcement

Stubb's four-party left-right government coalition had fallen out of goodwill with voters, over their internal discord and inability to push through any real policy changes.

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Finnish Prime Minister Alexander Stubb has conceded defeat following the victory of the opposition party at the polls on Sunday, Al Jazeera reports.

Stubb reportedly told Finnish public radio and television YLE:

"It seems as though the Centre has won. Congratulations"

Projections by YLE showed the Centre Party winning 46 of 200 seats in parliament, while Stubb's conservative National Coalition Party was seen taking 37 seats, the same number as the Social Democrats.

Centre Party leader Juha Sipila, a 53-year-old IT millionaire and newcomer to politics, is expected to become the next prime minister.

Sipila who campaigned heavily on his business know-how has vowed to create 200,000 private sector jobs over 10 years in order to lift Finland out of its three-year economic slump.

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