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What (who) is external account - definition
![$AU]] million) since 1959](https://commons.wikimedia.org/wiki/Special:FilePath/ABS-5302.0-BalancePaymentsInternationalInvestmentPositionAustralia-BalancePaymentsSummary-Original Quarter-CurrentAccount-A3533808F.svg?width=200 "$AU]] million) since 1959")
![US current account calculation for 2017<ref>[https://www.bea.gov/news/2018/us-international-transactions-third-quarter-2018 BEA-U.S. International Transactions, Third Quarter 2018]</ref>](https://commons.wikimedia.org/wiki/Special:FilePath/US Current Account Balance 2017 Computation.png?width=200 "US current account calculation for 2017<ref>[https://www.bea.gov/news/2018/us-international-transactions-third-quarter-2018 BEA-U.S. International Transactions, Third Quarter 2018]</ref>")
![1967 letter by the [[Midland Bank]] to a customer, informing on the introduction of electronic data processing and the introduction of account numbers for current accounts](https://commons.wikimedia.org/wiki/Special:FilePath/1967 Midland Bank letter on electronic data processing.JPG?width=200 "1967 letter by the [[Midland Bank]] to a customer, informing on the introduction of electronic data processing and the introduction of account numbers for current accounts")
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Wikipedia
In economics, a country's current account records the value of exports and imports of both goods and services and international transfers of capital. It is one of the two components of its balance of payments, the other being the capital account (also known as the financial account). Current account measures the nation's earnings and spendings abroad and it consists of the balance of trade, net primary income or factor income (earnings on foreign investments minus payments made to foreign investors) and net unilateral transfers, that have taken place over a given period of time. The current account balance is one of two major measures of a country's foreign trade (the other being the net capital outflow). A current account surplus indicates that the value of a country's net foreign assets (i.e. assets less liabilities) grew over the period in question, and a current account deficit indicates that it shrank. Both government and private payments are included in the calculation. It is called the current account because goods and services are generally consumed in the current period.
