How to make truly single spaced bullet items in Keynote Although I have selected 


  Spacing 1.0 - single




in the Text Style, we can see that there is still large space between each bullet item. How to compact them?
Notice the disclosure arrow "▶︎" beside Spacing?  There you can reveal the paragraph spacing.



Change the Before Paragraph and After Paragraph to 0 pt or the desired amount.

Hope this helps!