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 The opposition Democratic Unity coalition won 99 seats to the
Socialists' 46 in the 167-national National Assembly, the election
board said, with some districts still to be counted.
Fireworks were set off in celebration in pro-opposition districts of
Caracas when the results were announced, while government supporters
dismantled planned victory parties.
Maduro, 53, quickly acknowledged the defeat, the worst for the
ruling "Chavismo" movement since its founder Hugo Chavez took power
in 1999.
"We are here, with morals and ethics, to recognize these adverse
results," Maduro said in a speech to the nation, although he blamed
his defeat on a campaign by business leaders and other opponents to
sabotage the economy.
"The economic war has triumphed today," Maduro said.
His quick acceptance of the results eased tensions in the volatile
nation where the last presidential election in 2013, narrowly won by
Maduro, was bitterly disputed and anti-government protests last year
led to 43 deaths.
 Opposition leaders, who have lost over-and-over since Chavez's first
election victory 17 years ago, were jubilant, even though their
victory was mainly thanks to public disgust at Venezuela's deep
economic recession.
"We're going through the worst crisis in our history," coalition
head Jesus Torrealba said. "Venezuela wanted a change and that
change came ... a new majority expressed itself and sent a clear and
resounding message."
Opposition sources predicted that once counting was finalised, they
would win as many as 113 seats. That would give them a crucial
two-thirds majority needed to shake up institutions such as the
courts or election board.
The result could also embolden government foes to seek a recall
election against Maduro in 2016 if they garner the nearly 4 million
signatures needed to trigger the referendum.
The government's defeat was another blow to Latin America's left
following last month's swing to the center-right in Argentina's
presidential election.
ECONOMIC PAIN
The Democratic Unity coalition capitalized on discontent among
Venezuela's 29 million people with the world's highest inflation and
product shortages.
Critics say failed nationalizations, rigid currency controls, and
hostility towards the private sector spurred the economic crisis and
that it was then exacerbated by a global slump in oil prices.
Venezuela depends on crude for 96 percent of its export revenue.
Many Venezuelans blame the economic chaos on Maduro, who lacks the
charisma and political skills of Chavez, his mentor and Venezuela's
leader for 14 years before his death from cancer in 2013.
"I used to be a proud Chavista," said Rodrigo Duran, a 28-year-old
security guard who switched allegiance in his vote on Sunday. "But
how can I carry on when my salary doesn't allow me to feed my
children? They deceived us."
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Venezuela's opposition will now have the chance to break the ruling
party's control over the budget and seek amnesty for dozens of
jailed activists, including hardline leader Leopoldo Lopez.
"I'm so happy," said his beaming wife, Lilian Tintori, who has
become a prominent campaigner for the opposition.
With inflation believed to be in triple digits, vast lines outside
supermarkets owing to shortages of basic goods and an 80 per cent
collapse of the currency on the black market, it was the economy
that turned Venezuelans away from the government.
Underlining the depth of feeling, videos circulating online seemed
to show five prominent socialist politicians - including Chavez's
brother Adan - being booed at voting centers on Sunday, with crowds
yelling "the government will fall!" or "thief!".
"I voted because we want a change in this country. We're bored of so
many queues, food shortages, a minimum wage that doesn't get us
anywhere," said Cristobal Jesus Medina Chacon, a 27-year-old
engineer who arrived at his voting station in the western city of
San Cristobal at 4 a.m.
South America's bloc of left-wing governments, dominant for over a
decade, has lost some of its clout this year.
Center-right opposition candidate Mauricio Macri won Argentina's
presidential election last month, ending 12 years of left-wing rule,
and Brazil's leftist President Dilma Rousseff is battling
impeachment for alleged corruption.
Glum government supporters followed Maduro's lead in accepting the
results in Venezuela on Sunday.
"That's democracy," said Gloria Torres, 54, an administrator who
organized prayer vigils for Chavez when he was dying. "We're
Chavistas and the fight continues."
(Additional reporting by Eyanir Chinea, Diego Ore, Brian Ellsworth,
Corina Pons and Deisy Buitrago; Writing by Andrew Cawthorne; Editing
by Kieran Murray)
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