Costa Ricans have elected their first woman president as the ruling party candidate won in a landslide after campaigning to continue free market policies in Central America's most stable nation.

Laura Chinchilla had 47 percent of the vote with nearly all the votes counted. The closest contender, Otton Solis of the Citizens Action Party, had 25 percent. He and the other main rival quickly conceded defeat.

Chinchilla, is a close associate to the current president, Nobel Peace Prize winner Oscar Arias and also served as vice president under Arias.