SANTO DOMINGO, DOMINICAN REPUBLIC - Dominican President Leonel Fernandez coasted to a third term in office, vowing Saturday to push ahead with policies he says have lifted the Caribbean nation's economy from crisis.

Fernandez beat his main rival, center-left construction magnate Miguel Vargas, with 54 percent to 40 percent of Friday's vote, according to a final tally released by election officials late Saturday. The remaining votes were shared by six other candidates.

The Organization of American States, or OAS, observed the election and congratulated Fernandez on a "clear and definitive victory."

The New York-raised incumbent said his win signaled renewed confidence in his Dominican Liberation Party, and he vowed to continue with plans to revitalize the nation's economy.

Election officials said voter turnout was 71 percent.

Fernandez's victory makes him the first Dominican president to be re-elected since the country's last strongman was ousted 12 years ago -- showing that many voters have overcome hesitations about long-serving politicians in a country with a painful history of iron-fisted rule.

Fernandez also served as president from 1996 to 2000.

He is credited with stabilizing the peso, taming 30 percent inflation and bringing the country back from an economic crisis sparked by a bank collapse in 2003 -- along with the help of $695 million in loans from the International Monetary Fund.

But official unemployment is still nearly 16 percent, and about a quarter of the population lives in poverty, according to the government.