Incumbent Brazilian President Dilma Rousseff won on Sunday by clinching 51.6 percent of the runoff votes, allowing her a second term as the South American nation's head of state.

Rousseff beat opposition leader Aecio Neves, who got 48.4 percent of the votes. Over 99 percent of the votes had been tallied as of this writing.

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Rousseff managed to convince Brazilian voters that the recent economic slowdown was still overshadowed by her administration reducing poverty over the last 12 years, reports Reuters.

The runoff votes was triggered by Rousseff receivimg 41.59 percent of the votes, Neves gettimg 33.55 percent and third placer Marina Silva of the Brazilian Socialist Party holding 21.32 percent on Oct. 5, the first round of voting.

Despite the tight electoral race, voting was peaceful since Brazil's elections are not marred by political violence that characterizes voting in other Latin American nations.

Rousseff, 66, started her first term in January 2011 and would end her second four-year term in December 2018. She is the country's first female president.

Her Workers' Party, in power since 2013, has transformed Brazil into an emerging global economic power by empowering 40 million residents to move out of the poverty line, cutting unemployment rate to record-low levels and making major progress in addressing hunger.

However, Neves gained followers as Brazil suffered from an economic slowdown under Rousseff, known for her iron hand and unpredictable policies, corruption scandals, high inflation rate and poor public service especially in health care. A significant number of voters opted for Neves' pro-business agenda.

Rousseff's legacy allowed her to win a second term, explained 19-year-old Sao Paulo university student Livia Roma.

"We need Dilma to continue the programs that improve the lives of those in need..." Roma told Reuters. "I didn't vote for myself, but for the minorities and less fortunate classes."

However, the Brazilian financial market is expecting a selloff on Monday as a result of Sunday's second round of voting because of investors' dislike of the president's interventionist policies.

TagsDilma Rousseff, Brazil elections, Brazilian president, second term, Aecio Neves