Some interesting data:

From Wikipedia

One might not consider Italian industry to have equalled more than 15% of what was seen in France or Britain should one compare the number of automobiles in Italy (~372,000) to those of Britain and France (~2,500,000) ( at the start of the war? ). The lack of a stronger automotive industry made it difficult for Italy to mechanize its military.

Bierman and Smith state (p. 13-14) that the Italian regular army could field only ~200,000 troops at the start of WWII. They estimate the Regia Aeronautica could field ~1,760 aircraft, of which only 900 are considered to be "front-line machines".

http://en.wikipedia.org/wiki/Italian...f_World_War_II

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The British commander in Africa, General Wavell, was correct in arguing that Mussolini's pride would ultimately cause him to enter the war. Wavell would compare Mussolini's situation to that of someone at the top of a diving board, "I think he must do something. If he cannot make a graceful dive he will at least have to jump in somehow; he can hardly put on his dressing-gown and walk down the stairs again."

http://www.nationmaster.com/encyclop...f-World-War-II

Some Italian formations were excellent, particularly the alpine and Bersaglieri regiments ( not to forget the Decima MAS ), but the bulk of the infantry, who were badly paid, fed, and cared for, had no heart in the war, which they did not see as serving the country's interests.

http://www.expage.com/army14

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