Caracas, Venezuela (CNN) Socialist President Nicolas Maduro has won another six years in power in crisis-hit Venezuela, in an election that the political opposition and foreign powers have denounced as a sham.

Many eligible voters boycotted Sunday's polling, bringing turnout to a lackluster 46%, according to the country's election board. Participation was far below the 80% rate in 2013, when Maduro rose to power after the death of veteran leader Hugo Chavez.

Maduro gave a victory speech at a rally in central Caracas on Sunday night, after the electoral board declared him the winner.

"I am a better-prepared president and human being right now," he said to a cheering crowd outside Miraflores presidential palace. "You trusted in me and I will respond. Thank you for giving me 68% of those votes."

Venezuela's President Nicolas Maduro and his wife, Cilia Flores, wave to supporters at the presidential palace in Caracas.

The United States said it would not recognize the vote's results, while the European Union and some Latin nations warned before the vote that the election was shaping up to be unfair.

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