<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF LORAL SPACE & COMMUNICATIONS LTD. FOR THE QUARTER ENDED
JUNE 30, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH 
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               JUN-30-1998
<CASH>                                         876,530
<SECURITIES>                                         0
<RECEIVABLES>                                  452,122
<ALLOWANCES>                                         0
<INVENTORY>                                    129,230
<CURRENT-ASSETS>                             1,557,642
<PP&E>                                       1,669,955
<DEPRECIATION>                                 137,032
<TOTAL-ASSETS>                               5,065,979
<CURRENT-LIABILITIES>                          341,105
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                    734,598
<COMMON>                                         2,430
<OTHER-SE>                                   2,225,563
<TOTAL-LIABILITY-AND-EQUITY>                 5,065,979
<SALES>                                        543,473
<TOTAL-REVENUES>                               568,663
<CGS>                                          568,757
<TOTAL-COSTS>                                  568,757
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              23,277
<INCOME-PRETAX>                               (23,371)
<INCOME-TAX>                                     6,651
<INCOME-CONTINUING>                           (74,416)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                  (97,629)
<EPS-PRIMARY>                                   (0.38)<F1>
<EPS-DILUTED>                                   (0.38)
<FN>
<F1>Note:  The adoption of SFAS 128 had no effect on reported earnings per
share for the quarter ended June 30, 1998.

<F2>NOTE: THE CAPTION "DEPRECIATION" LISTED ABOVE REPRESENTS ACCUMULATED 
DEPRECIATION.