Argentina's libertarian President Javier Milei suffered a crushing defeat in Buenos Aires provincial elections at the hands of the opposition Peronist party on Sunday.

According to the official data, the Peronist's center-left candidate Axel Kicillof won 46.8% of the vote across the province, while the candidate for Milei's La Libertad Avanza (LLA) party took 33.8%, with 82.2% of the votes counted.

The margin between the Peronist party and Milei's party was much higher than what was predicted in pre-election polls.

Milei accepted his party's "clear defeat"  and admitted to unspecified "mistakes" which he vowed to "correct."

Following the loss, Milei vowed to "accelerate" his libertarian reforms ahead of highly anticipated national midterm elections.

"The course will not change, it will be redoubled," said the president, speaking from the provincial headquarters of his LLA coalition, focusing on fiscal balance, economic openness, and inflation control.

Loss in Buenos Aires highlights bribery scandal

The election results in Buenos Aires are a wake up call for Milei, who has been facing criticism over a bribery scandal and growing unease over slashing of public spending.

The provincial elections also came on the heels of a bribery scandal at the National Disability Agency involving the president's sister and right-hand woman, Karina Milei.

Following the disclosure of the scandal, both Milei and his sister were were pelted with stones on the campaign trail outside Buenos Aires in late August.

The election loss for LLA could be a sign of a turning tide for Argentina as the province contributes more than 30% of Argentina's GDP and accounts for 40% of all eligible voters.

Edited by: Elizabeth Schumacher