Argentine President Javier Milei hailed his party's runaway victory in Sunday's midterm elections as a "turning point" for the country and vowed to charge ahead with his agenda of shrinking the state and deregulating the economy.

Milei's small La Libertad Avanza (LLA) party rebounded from a series of setbacks to win 40.84 percent of the votes cast for members of Congress, far outpacing the opposition in an election closely watched by jittery investors.

"Today we reached a turning point, today begins the construction of a great Argentina," the 55-year-old president told supporters at a victory party in Buenos Aires.

He promised to continue on the reform path with what he predicted would be "the most reformist Congress in Argentina's history."

Half of the seats in the Chamber of Deputies

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