A dynamical system equivariant with respect to a compact
symmetry group induces a system on the orbit space. This (reduced) system
inherits many important features of the given one, but the drifts along the
group orbits disappear. Using invariant theory the orbit space along with the
reduced system can be embedded into a real vector space. We consider the
Lyapunov exponents of the reduced system, and prove formulas for these in terms
of the Lyapunov exponents of the given system. These formulas enable us to make
predictions about the latter using only the Lyapunov exponents of the reduced
system.