New Zealand prime minister wins 3rd term in office

Prime Minister John Key won an emphatic victory Saturday in New Zealand's general election to return for a third term in office, a result that will be seen as an endorsement of the way Key's National Party has handled the economy, The Associated Press reported.

"I'm ecstatic," Key told Television New Zealand as he left to deliver a victory speech. "Yeah, it's a great night."

Key said that people could see the nation was moving in the right direction and that he was grateful to them.

With most votes counted, Key's party had 48 percent of the vote. It was a disastrous night for its closest rival, the Labour Party, which had just 25 percent.

"The truth is, the party vote has returned a National government, and over the coming days and weeks we will need to reflect upon why," Labour Party leader David Cunliffe said in a concession speech. He said he called Key to congratulate him on his victory.

"It is rare for any government to be defeated while surfing an economic rebound with around a 4 percent growth rate, even though the longer-term problems remain to be addressed," Cunliffe said.