Ceramic electronic component, substrate arrangement and method of manufacturing ceramic electronic component

A ceramic electronic component includes an element body and at least one external electrode formed on the element body. The element body includes a dielectric and at least one internal electrode therein. The element body has a plurality of surfaces, and these surfaces include a first surface and a second surface opposite the first surface. Each external electrode includes a base layer and a plating layer formed on the base layer. The base layer is in contact with the internal electrode, contains a metal, and has a first end face adjacent to an outer periphery of the second surface of the element body. The plating layer has a second end face adjacent to an outer periphery of the first end face such that the first and second end faces form, in combination, a multilayer structure on the outer periphery of the second surface of the element body.