Nicolas Sarkozy (courtesy Creative Commons)

"France has a new president...It's a democratic choice," Sarkozy told the Wall Street Journal. "I want to wish him good luck in the midst of severe tests."

Sarkozy has said previously that if defeated he would leave politics, but has not said so explicitly.

Sarkozy is a conservative and Hollande is a socialist, reports CBS. Hollande will be France’s first leftist leader since 1995.

Sarkozy conceded defeat just minutes after polls closed and said he called Hollande to with him luck in leading the country.

Many criticized Sarkozy’s handling of the economy.

Hollande promised to reform the economy and renegotiate a European treaty on budget cuts that Sarkozy championed. He also promised more government stimulus and spending in general.