With economics, a country’s current account is probably the two components associated with its balance associated with payments, the other being the capital account. The current account consists of the balance associated with trade, net main income or component income and internet cash transfers, that have occurred over a given time period. The current account balance is 1 of 2 major measures of a country’s foreign trade. Both government and private payments are as part of the calculation. It is called the latest account because goods and services are often consumed in the current period.