11.   Large-scale layoffs of government workers and reduced government spending is affecting consumer confidence, he said.

12.   Lindsey is an advocate of reduced government regulation.

13.   Looking ahead, the governor stressed the need for reduced government spending.

14.   On the downside, the study does project a slightly higher unemployment rate due to jobs lost in the public sector and reduced government demand for goods and services.

15.   Other measures include a reduction in tax benefits for some foreign companies, reduced government spending on pathology and radiology services, Parliament, consultants, advertising and travel.

16.   Reduced government borrowing reduces the demand for dollars, easing rates.

17.   Reduced government spending formed a key element of the anti-inflation program, but it meant the government borrowed less from banks, which saw profits decline.

18.   Reduced government borrowing will make it easier for Slovak companies to obtain loans from domestic and foreign banks, Masar said.

19.   The downsizing that it recommended was a foreshadowing of the reduced government services of the present.

20.   The gains reflected increased employment, strong corporate profits, historically low interest rates and reduced government spending, the finance department said.