<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF LORAL SPACE & COMMUNICATIONS LTD. FOR THE QUARTER ENDED
MARCH 31, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH 
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               MAR-31-1998
<CASH>                                         225,437
<SECURITIES>                                         0
<RECEIVABLES>                                  480,783
<ALLOWANCES>                                         0
<INVENTORY>                                    119,212
<CURRENT-ASSETS>                               920,601
<PP&E>                                       1,337,403
<DEPRECIATION>                                  17,428
<TOTAL-ASSETS>                               4,536,302
<CURRENT-LIABILITIES>                          504,561
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                    734,937
<COMMON>                                         2,193
<OTHER-SE>                                   1,682,521
<TOTAL-LIABILITY-AND-EQUITY>                 4,536,302
<SALES>                                        294,214
<TOTAL-REVENUES>                               302,897
<CGS>                                          294,231
<TOTAL-COSTS>                                  294,231
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               1,720
<INCOME-PRETAX>                                  7,928
<INCOME-TAX>                                     3,063
<INCOME-CONTINUING>                           (15,443)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                  (27,049)
<EPS-PRIMARY>                                    (.11)<F1>
<EPS-DILUTED>                                    (.11)
<FN>
<F1>Note:  The adoption of SFAS 128 had no effect on reported earnings per
share for the quarter ended March 31, 1997.