According to the EUROGROWTH Indicator, calculated by the EUROFRAME group in March 2016, growth in the euro area should remain moderate during the first half of 2016. The indicator suggests a 0.3 percent growth both in 2016Q1 and 2016 Q2, after similar figures in the second half of 2015 according to EUROSTAT official figures. The EUROGROWTH indicator outlook for 2016Q1 has been significantly revised downward (by 0.2 percentage point) from the February estimate (+0.5 per cent). The first estimate for 2016Q2 does not signal any change in the growth path from earlier quarters. On a y-o-y basis, these forecasts imply a weaker momentum, from 1.5 percent in 2015Q4 to 1.1 in 2016Q2.