Spain's Prime Minister Pedro Sanchez of the Socialist Workers' Party (PSOE) reacts while celebrating the result in Spain's general election in Madrid, Spain, April 28, 2019.
Spain's Prime Minister Pedro Sanchez of the Socialist Workers' Party (PSOE) reacts while celebrating the result in Spain's general election in Madrid, Spain, April 28, 2019.

Spain's ruling Socialist party appears poised to win the country's third election in four years.

The Socialists, the party of Prime Minister Pedro Sanchez, were projected to win 123 of 350 seats in the Congress of Deputies, with more than 70 percent of the vote counted.

According to Spain's Interior Ministry, roughly 75% of all eligible voters cast their ballots Sunday.

Spain saw high voter turnout in elections that were believed to be wide open. The race pits Socialists against four other main parties, including the new far-right Vox Party that is aligned with other far-right movements that have emerged across Europe.

With no one party expected to win a majority Sunday, speculation has centered on which of Spain's top five parties will join together after the vote to create a governing coalition. A close election could result in weeks of political bargaining that could include smaller parties favoring Catalan independence  a hugely polarizing topic in Spain.

Analysts warn of the possibility of a deadlocked parliament and a second election.

Friday, Prime Minister Sanchez, who is up for re-election, said he is open to the possibility of a coalition with the left-wing United We Can Party, raising the possibility for a center-left governing deal.

On the political right, the conservative Popular Party has splintered into three main groups, with the new Vox Party making inroads with the electorate. The third right-leaning group, Citizens, says it will only join a governing coalition with the Popular Party.

The Popular Party has alternated in office with the Socialist Party since Spain's return to democracy in the 1970s.

Leaders on both the left and the center-right have urged voters to keep the far-right at bay.