Ireland's governing coalition will fail to get the majority needed for a second term in office after Friday's election, according to an exit poll.

The poll for the Irish Times newspaper shows support for Prime Minister Enda Kenny's Fine Gael party slumped to 26.1%, compared to 36.1% in 2011.

After five years of austerity, backing for junior coalition partners Labour also plummeted - from 19.5% to 7.8%.

By contrast Fianna Fail, Sinn Fein, Independents and smaller parties all made significant gains.

The poll by Ipsos MRBI puts Fianna Fail on 22.9%; Sinn Fein on 14.9%; Anti Austerity Alliance/People Before Profit on 3.6%; Greens on 3.5%; Social Democrats on 2.8%; Renua on 2.6%; and others on 16.1%.

However, the final picture could be very different as Ireland has a single transferable vote system.

Around two million people cast their votes in one of the most uncertain elections in the country's recent political history.

As polling stations closed at 10pm on Friday parties were estimating around two-thirds of the 3.3 million electorate had voted.

Counting begins around first light on Saturday morning.

If, as seems likely, Fine Gael fail are unable to form a new administration with Labour, they will have a number of options.

One would be to form a minority government supported by arch-enemies Fianna Fail.

Another would be a rainbow coalition with Labour and some other groups.

The parties will have until 10 March - when the Dail is scheduled to reconvene - to forge a power-sharing deal.

If they fail to do this, another election may be necessary.

(Sky News)