Georgia's president Mikheil Saakashvili has admitted that his party lost the Monday parliamentary vote in a TV announcement.

"It is clear from early results that the opposition has the lead and should form the government," Saakashvili said.

He added that his party, the United National Movement would become "an opposition force" and would "fight for the future of our country."

After counting over 25% of votes, the Central Election Comission announced preliminary results. The opposition Georgian Dream party, led by tycoon Bidzina Ivanishvili, has gained 53.19% of the vote, while Saakashvili's party has received only 41.51%.

Saakashvili will remain in power until presidential elections next year.