( CNN ) -- Cristina Fernandez de Kirchner became Latin America 's first female president to win a second term when she sailed to victory in Argentina 's elections . With 98 % of votes counted Monday , Fernandez was the decisive winner , obtaining nearly 54 % of votes cast and far surpassing her closest competitor . Hermes Binner , a Socialist governor from Santa Fe , came in second place with almost 17 % of the votes . Economic issues played a large role in Sunday 's vote , political analyst Carlos Germano told CNN en EspaÃ±ol . South America 's second-largest economy has bounced back from the brink and shaped a most unlikely recovery , driven by high commodities demand from China and a series of unorthodox economic policies that worked to help shelter Argentina from much of the economic malaise that is gripping the rest of the planet right now . Under Fernandez 's leadership , Argentina 's economy has enjoyed sustained growth of about 8 % annually . The president points to this expansion and a low debt load as examples of how Argentina is well-positioned to weather the uncertainty in the current global markets . Fernandez 's win was a sign that Argentinians want to see economic growth continue , Germano said . `` It was an overwhelming vote to preserve what we have in light of the imminence of the problems that we are seeing in the United States and Europe , '' he said . Fernandez , a center-left member of the Peronist party , went into Sunday 's vote as the undisputed front-runner after handily winning the primary vote . Continuously weaving her role as the nation 's leader with being the widow of former president Nestor Carlos Kirchner , who died in 2010 , Fernandez said she carries her husband 's ideals as she returns to office . Fernandez , 58 , has said her second presidential term will be dedicated to her late husband 's memory . `` Today is a rare day for me , because there are too many feelings , '' Fernandez said as results came in Sunday night . `` If I tell you I am happy , I lie , if I tell you I am sad , I lie . ... I am not speaking as his widow but as his partner in militancy for the rest of my life , '' she said . In 2007 , Kirchner stepped aside so his wife , Fernandez , could run . She was elected with 45 % of the vote , becoming Argentina 's first elected female president . Thousands crammed into Buenos Aires ' Plaza de Mayo waving flags and shouting `` Viva Cristina , Viva Peronismo ! ' to welcome back their charismatic leader . Entire families and groups of activists cheered as results trickled in showing the incumbent president with a considerable advantage over her opponents . But Binner and his party still had a significant showing in Sunday 's election , Germano said . `` I think it 's a force with the possibility of growing both in the short and long term , '' he said . Binner told supporters Sunday that he had congratulated Kirchner on her win , Argentina 's official Telam news agency reported . But he vowed that his party will keep fighting for its progressive beliefs . `` We will be in the opposition . We will be the ones who make alternative proposals , but we will be relentless , '' he said , according to Telam . CNN 's Guillermo Fontana and Brian Byrnes contributed to this report .
Analyst : Economic issues played a large role in the voters ' choice . Comment: The 58-year-old president went into Sunday 's vote as the undisputed front-runner . Fernandez has said her second term will be dedicated to her late husband 's memory .